31 C.F.R. § 1020.100

Current through September 30, 2024
Section 1020.100 - Definitions

Refer to § 1010.100 of this Chapter for general definitions not noted herein. To the extent there is a differing definition in § 1010.100 of this chapter, the definition in this Section is what applies to part 1020. Unless otherwise indicated, for purposes of this part:

(a)Account. For purposes of § 1020.220 :
(1)Account means a formal banking relationship established to provide or engage in services, dealings, or other financial transactions including a deposit account, a transaction or asset account, a credit account, or other extension of credit. Account also includes a relationship established to provide a safety deposit box or other safekeeping services, or cash management, custodian, and trust services.
(2)Account does not include:
(i) A product or service where a formal banking relationship is not established with a person, such as check-cashing, wire transfer, or sale of a check or money order;
(ii) An account that the bank acquires through an acquisition, merger, purchase of assets, or assumption of liabilities; or
(iii) An account opened for the purpose of participating in an employee benefit plan established under the Employee Retirement Income Security Act of 1974.
(b)Customer. For the purposes of § 1020.220 :
(1)Customer means:
(i) A person that opens a new account; and
(ii) An individual who opens a new account for:
(A) An individual who lacks legal capacity, such as a minor; or
(B) An entity that is not a legal person, such as a civic club.
(2)Customer does not include:
(i) A financial institution regulated by a Federal functional regulator or a bank regulated by a State bank regulator;
(ii) A person described in § 1020.315(b)(2) through (b)(4) ; or
(iii) A person that has an existing account with the bank, provided that the bank has a reasonable belief that it knows the true identity of the person.

31 C.F.R. §1020.100

75 FR 65812, Oct. 26, 2010, as amended at 85 FR 57137, Sept. 16, 2020
85 FR 57137, 11/16/2020