31 C.F.R. § 1010.420
Records to be made and retained by persons having financial interests in foreign financial accounts
Records of accounts required by § 1010.350 to be reported to the Commissioner of Internal Revenue shall be retained by each person having a financial interest in or signature or other authority over any such account. Such records shall contain the name in which each such account is maintained, the number or other designation of such account, the name and address of the foreign bank or other person with whom such account is maintained, the type of such account, and the maximum value of each such account during the reporting period. Such records shall be retained for a period of 5 years and shall be kept at all times available for inspection as authorized by law. In the computation of the period of 5 years, there shall be disregarded any period beginning with a date on which the taxpayer is indicted or information instituted on account of the filing of a false or fraudulent Federal income tax return or failing to file a Federal income tax return, and ending with the date on which final disposition is made of the criminal proceeding.
Notes of Decisions
Cited in 22
cases (1 in the last 5 years), 2011–2022 · leading case: United States v. Doe, 741 F.3d 339 (2d Cir. 2013).
United States v. Doe, 741 F.3d 339 (2d Cir. 2013). “See 31 C.F.R. § 1010.420 . Doe resists, asserting that the Fifth Amendment privilege against self-incrimination applies to his delivery of the requested documents.”
United States v. Doe, 908 F. Supp. 2d 348 (E.D.N.Y 2012). “In particular, the Subpoena sought the following foreign bank account records: Any and all records required to be maintained pursuant to 31 C.F.R. § 1010.420 (formerly 31 C.F.R. § 103.”
United States v. Eli Chabot, 793 F.3d 338 (3rd Cir. 2015). “Eli and Renee Chabot (“the Chabots”) appeal the District Court’s grant of the Internal Revenue Service’s (“IRS”) petition to enforce summonses for foreign bank account records that 31 C.F.R. § 1010.420 requires the Chabots to keep.”
In Re Grand Jury Proceedings, No. 4-10, 707 F.3d 1262 (11th Cir. 2013). “3d at 1075 (holding that 31 C.F.R. § 1010.420 was “essentially regulatory” because the information sought was “not inherently criminal,” and therefore, “being required to provide that information would generally not establish a significant link in a chain of evidence tending to…”
United States v. Under Seal, 737 F.3d 330 (4th Cir. 2013). “The subpoenas demanded production of [a]ny and all records required to be maintained pursuant to 31 C.F.R. § 1010.420 (formerly 31 C.F.R. § 103.”
In re Various Grand Jury Subpoenas, 235 F. Supp. 3d 472 (S.D.N.Y. 2017). “” 31 C.F.R. § 1010.420 . Because producing these records would not invoke “independent communicative aspects” that risked self-incrimination under the Fifth Amendment, this Court held that Subject E could not resist compliance based on the act of production privilege.”
United States v. Greenfield, 831 F.3d 106 (2d Cir. 2016). “For example, the Government can require an individual to produce documents related to foreign bank accounts maintained pursuant to the Bank Secrecy Act (''BSA”) and its implementing regulations, see 31 C.F.R. § 1010.420 , without violating an individual’s right against…”
In Re Grand Jury Subpoena, 696 F.3d 428 (5th Cir. 2012). “§ 5314 ; 31 C.F.R. § 1010.420 . The subpoena requires the witness to produce, for the years 2005 to 2008, [a]ny and all records required to be maintained pursuant to 31 C.”
M.H. v. United States, 648 F.3d 1067 (9th Cir. 2011). “32 [subsequently relocated to 31 C.F.R. § 1010.420 ] relating to foreign financial accounts that you had/have a financial interest in, or signature authority over, including records reflecting the name in which each such account is maintained, the number or other designation of…”
In re Special February 2011-1 Grand Jury Subpoena Dated September 12, 2011, 691 F.3d 903 (7th Cir. 2012). “32 [subsequently relocated to 31 C.F.R. § 1010.420 ] relating to foreign financial accounts that you had/have a financial interest in, or signature authority over, including records reflecting the name in which each such account is maintained, the number or other designation of…”
In re Various Grand Jury Subpoenas, 924 F. Supp. 2d 549 (S.D.N.Y. 2013). “types of financial accounts in any foreign country in which you have a present or future financial interest, legal interest, beneficial ownership interest, or over which you have signature or other authority, if the aggregate value of these accounts exceeded $10,000 at any time…”
In Re Mh, 648 F.3d 1067 (9th Cir. 2011). “32 [subsequently relocated to 31 C.F.R. § 1010.420 ] relating to foreign financial accounts that you had/have a financial interest in, or signature authority over, including records reflecting the name in which each such account is maintained, the number or other designation of…”
— 31 C.F.R. § 1010.420(a)(2) — 1 case
United States v. Fisher, 291 F. Supp. 3d 356 (W.D.N.Y. 2017).
— 31 C.F.R. § 1010.420(b) — 1 case
United States v. Fisher, 291 F. Supp. 3d 356 (W.D.N.Y. 2017).
— 31 C.F.R. § 1010.420(c) — 1 case
United States v. Fisher, 291 F. Supp. 3d 356 (W.D.N.Y. 2017).
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