Regulations & laws
Recordkeeping Requirements for Certain Financial Records (Regulation S)
Subpart B of Regulations S is meant to assist in prosecuting money laundering activities, in addition to being useful in criminal, tax, or regulatory investigations or proceedings. This does not apply specifically to one subset of financial intuitions.
Regulation S is issued by the Board of Governors of the Federal Reserve System. The Board “establishes the rates and conditions for reimbursement of reasonably necessary costs directly incurred by financial institutions in assembling or providing customer financial records to a government authority pursuant to the” Right to Financial Privacy Act.
- Link to the text: www.ecfr.gov/cgi-bin/text-idx?SID=2240159c84d2d3b48422a5185ff69dea&mc=true&node=pt12.2.219&rgn=div5#sp12.2.219.b
LS Consultancy assumes no liability for the accuracy or completeness of this information. Please refer to the applicable regulators website for specific information on specific rules and regulations and how they apply to your business.
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