Financial Record Law and Legal Definition

Financial records are records of income and expenditure that are kept for tax purposes. It includes paycheck stubs, statements of interest or dividends earned, and records of gifts, tips, bonuses, canceled checks, cash register receipts, credit card statements, and rent receipts. Financial records will contain details of all the financial transactions conducted.

The following is an example of a Federal Statute defining the term Financial Record:

According to 29 CFR 19.1 [Title 29, Labor, Subtitle A, Office of the Secretary of Labor, Part 19, Right to Financial Privacy Act], financial record means “an original of, a copy of, or information known to have been derived from, any record held by a financial institution pertaining to a customer's relationship with the financial institution”.