**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose.
**(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
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Source location: Title 12, Chapter 21, § 1951; chapter-021-financial-recordkeeping.md
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**(a)** The Congress finds that certain records maintained by businesses engaged in the functions described in [section 1953(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953/b&num=0&edition=prelim) have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in [section 1952 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1952&num=0&edition=prelim) may be necessary for the same purpose.
**(b)** It is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
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Federal law — U.S. Code and appendices · legal_authorities
§ 1951. Congressional findings and declaration of
purpose
(a) The Congress finds that certain records
maintained by businesses engaged in the func-
tions described in section 1953(b) of this title
have a high degree of usefulness in criminal,
tax, and regulatory investigations and pro-
ceedings. The Congress further finds that the
power to require reports of changes in the own-
ership, control, and managements of types of fi-
nancial institutions referred to in section 1952 of
this title may be necessary for the same pur-
pose.
(b) It is the purpose of this chapter to require
the maintenance of appropriate types of records
and the making of appropriate reports by such
businesses in the United States where such
records or reports have a high degree of useful-
ness in criminal, tax, or regulatory investiga-
tions or proceedings.
(Pub. L. 91–508, title I, § 121, Oct. 26, 1970, 84 Stat.
1116.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 91–508, title IV, § 401(a), (b), Oct. 26, 1970, 84
Stat. 1125, provided that:
‘‘(a) Except as otherwise provided in this section, ti-
tles I, II, and III of this Act and the amendments made
thereby [enacting this chapter and sections 1730d and
1829b of this title and section 1051 et seq. of former
Title 31, Money and Finance, amending section 78g of
Title 15, Commerce and Trade, and enacting provisions
set out as notes under section 78g of Title 15 and sec-
tion 1051 of former Title 31] take effect on the first day
of the seventh calendar month which begins after the
date of enactment [Oct. 26, 1970].
‘‘(b) The Secretary of the Treasury may by regulation
provide that any provision of title I or II or any amend-
ment made thereby [enacting this chapter and sections
1730d and 1829b of this title