31 CFR §1020.100

Verified against eCFR.gov as of June 20, 2026View official text on eCFR.gov ↗

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. (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. (2)Account does not include:
  1. (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;
  2. (ii)An account that the bank acquires through an acquisition, merger, purchase of assets, or assumption of liabilities; or
  3. (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. (1)Customer means:
  1. (i)A person that opens a new account; and
  2. (ii)An individual who opens a new account for:
    1. (A)An individual who lacks legal capacity, such as a minor; or
    2. (B)An entity that is not a legal person, such as a civic club.
2. (2)Customer does not include:
  1. (i)A financial institution regulated by a Federal functional regulator or a bank regulated by a State bank regulator;
  2. (ii)A person described in § 1020.315(b)(2) through (b)(4); or
  3. (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.