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31 U.S.C. § 5330 — Registration of money transmitting businesses

Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5330 — Registration of money transmitting businesses

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Source file: Laws/federal/codes/united-states-code/title-31/section-5330-registration-of-money-transmitting-businesses--bd3a9387bd.md
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Source location: Title 31, Chapter 53, § 5330; chapter-053-monetary-transactions.md

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**(a) Registration With Secretary of the Treasury Required.—** (1) **In general.—** — Any person who owns or controls a money transmitting business shall register the business (whether or not the business is licensed as a money transmitting business in any State) with the Secretary of the Treasury not later than the end of the 180-day period beginning on the later of— (A) the date of enactment of the Money Laundering Suppression Act of 1994; or (B) the date on which the business is established. (2) **Form and manner of registration.—** — Subject to the requirements of subsection (b), the Secretary of the Treasury shall prescribe, by regulation, the form and manner for registering a money transmitting business pursuant to paragraph (1). (3) **Businesses remain subject to state law.—** — This section shall not be construed as superseding any requirement of State law relating to money transmitting businesses operating in such State. (4) **False and incomplete information.—** — The filing of false or materially incomplete information in connection with the registration of a money transmitting business shall be considered as a failure to comply with the requirements of this subchapter. **(b) Contents of Registration.—** The registration of a money transmitting business under subsection (a) shall include the following information: (1) The name and location of the business. (2) The name and address of each person who— (A) owns or controls the business; (B) is a director or officer of the business; or (C) otherwise participates in the conduct of the affairs of the business. (3) The name and address of any depository institution at which the business maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act). (4) An estimate of the volume of business in the coming year (which shall be reported annually to the Secretary). (5) Such other information as the Secretary of the Treasury may require. **(c) Agents of Money Transmitting Businesses.—** (1) **Maintenance of lists of agents of money transmitting businesses.—** — Pursuant to regulations which the Secretary of the Treasury shall prescribe, each money transmitting business shall— (A) maintain a list containing the names and addresses of all persons authorized to act as an agent for such business in connection with activities described in subsection (d)(1)(A) and such other information about such agents as the Secretary may require; and (B) make the list and other information available on request to any appropriate law enforcement agency. (2) **Treatment of agent as money transmitting business.—** — The Secretary of the Treasury shall prescribe regulations establishing, on the basis of such criteria as the Secretary determines to be appropriate, a threshold point for treating an agent of a money transmitting business as a money transmitting business for purposes of this section. **(d) Definitions.—** For purposes of this section, the following definitions shall apply: (1) **Money transmitting business.—** — The term “money transmitting business” means any business other than the United States Postal Service which— (A) provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers’ checks, and other similar instruments or any other person who engages as a business in the transmission of currency, funds, or value that substitutes for currency, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system; (B) is required to file reports under section 5313; and (C) is not a depository institution (as defined in section 5313(g)). (2) **Money transmitting service.—** — The term “money transmitting service” includes accepting currency, funds, or value that substitutes for currency and transmitting the currency, funds, or value that substitutes for currency by any means, including through a financial agency or institution, a Federal reserve bank or other facility of the Board of Governors of the Federal Reserve System, or an electronic funds transfer network. **(e) Civil Penalty for Failure To Comply With Registration Requirements.—** (1) **In general.—** — Any person who fails to comply with any requirement of this section or any regulation prescribed under this section shall be liable to the United States for a civil penalty of $5,000 for each such violation. (2) **Continuing violation.—** — Each day a violation described in paragraph (1) continues shall constitute a separate violation for purposes of such paragraph. (3) **Assessments.—** — Any penalty imposed under this subsection shall be assessed and collected by the Secretary of the Treasury in the manner provided in section 5321 and any such assessment shall be subject to the provisions of such section.

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Federal law — U.S. Code and appendices · legal_authorities

18 U.S.C. § 1960 — Prohibition of unlicensed money transmitting businesses

**(a)** Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both. **(b)** As used in this section— (1) the term “unlicensed money transmitting business” means a money transmitting business which affects interstate or foreign commerce in any manner or degree and— (A) is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable; (B) fails to comply with the money transmitting business registration requirements under [section 5330 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5330&num=0&edition=prelim), United States Code, or regulations prescribed under such section; or (C) otherwise involves the transportation or transmission of funds that are known to the defendant to have been derived from a criminal offense or are intended to be used to promote or support unlawful activity; (2) the term “money transmitting” includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier; and (3) the term “State” means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.

Source: Supplied U.S. Code snapshot — release unconfirmed · 18 U.S.C. § 1960

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5301 — Buying obligations of the United States Government

**(a)** The President may direct the Secretary of the Treasury to make an agreement with the Federal reserve banks and the Board of Governors of the Federal Reserve System when the President decides that the foreign commerce of the United States is affected adversely because— (1) the value of coins and currency of a foreign country compared to the present standard value of gold is depreciating; (2) action is necessary to regulate and maintain the parity of United States coins and currency; (3) an economic emergency requires an expansion of credit; or (4) an expansion of credit is necessary so that the United States Government and the governments of other countries can stabilize the value of coins and currencies of a country. **(b)** Under an agreement under subsection (a) of this section, the Board shall permit the banks (and the Board is authorized to permit the banks notwithstanding another law) to agree that the banks will— (1) conduct through each entire specified period open market operations in obligations of the United States Government or corporations in which the Government is the majority stockholder; and (2) buy directly and hold an additional $3,000,000,000 of obligations of the Government for each agreed period, unless the Secretary consents to the sale of the obligations before the end of the period. **(c)** With the approval of the Secretary, the Board may require Federal reserve banks to take action the Secretary and Board consider necessary to prevent unreasonable credit expansion.

Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5301

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5330 — Registration of money transmitting busi-

Page 483 TITLE 31—MONEY AND FINANCE § 5330 or order)’’ for ‘‘coins or currency (or such other mone- tary instruments as the Secretary may describe in the regulation or order)’’. 2001—Subsec.(a). Pub. L. 107–56, § 365(c)(2)(B), inserted ‘‘or nonfinancial trade or business’’ after ‘‘financial in- stitution’’ and ‘‘or nonfinancial trades or businesses’’ for ‘‘financial institutions’’ in introductory provisions. Subsec. (a)(1)(A). Pub. L. 107–56, § 365(c)(2)(B)(i), in- serted ‘‘or nonfinancial trade or business’’ after ‘‘finan- cial institution’’. Subsec. (b)(1)(A). Pub. L. 107–56, § 365(c)(2)(B)(i), in- serted ‘‘or nonfinancial trade or business’’ after ‘‘finan- cial institution’’ wherever appearing. Subsec. (b)(1)(B). Pub. L. 107–56, § 365(c)(2)(B)(i), in- serted ‘‘or nonfinancial trade or business’’ after ‘‘finan- cial institution’’. Subsec. (c). Pub. L. 107–56, § 365(c)(2)(B)(i), inserted ‘‘or nonfinancial trade or business’’ after ‘‘financial in- stitution’’ in two places. Subsec. (d). Pub. L. 107–56, § 353(d), substituted ‘‘more than 180 days’’ for ‘‘more than 60 days’’. 1992—Subsecs. (b) to (d). Pub. L. 102–550 added sub- secs. (b) and (c) and redesignated former subsec. (b) as (d). [§ 5327. Repealed. Pub. L. 104–208, div. A, title II, § 2223(1), Sept. 30, 1996, 110 Stat. 3009–415] Section, added Pub. L. 102–550, title XV, § 1511(a), Oct. 28, 1992, 106 Stat. 4056, required Secretary to prescribe regulations requiring depository institutions to iden- tify and report on financial institution customers. [§ 5328. Repealed. Pub. L. 116–283, div. F, title LXIII, § 6314(b), Jan. 1, 2021, 134 Stat. 4603] Section, added Pub. L. 102–550, title XV, § 1563(a), Oct. 28, 1992, 106 Stat. 4072; amended Pub. L. 107–56, title III, § 365(c)(2)(B)(i), Oct. 26, 200

Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 5330

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