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12 U.S.C. § 1955 — Civil penalties
Federal law — U.S. Code and appendices · legal_authorities
**(a)** For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000.
**(b)** In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.
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Source location: Title 12, Chapter 21, § 1955; chapter-021-financial-recordkeeping.md
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**(a)** For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000.
**(b)** In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Page 1274
TITLE 12—BANKS AND BANKING
§ 1954
1 See References in Text note below.
(b) Institutions subject to recordkeeping require-
ments
The authority of the Secretary of the Treas-
ury under subsection (a) extends to any finan-
cial institution (as defined in section 5312(a)(2)
of title 31), other than any insured bank (as de-
fined in section 1813(h) of this title) and any in-
sured institution (as defined in section 1724(a) 1
of this title), and any partner, officer, director,
or employee of any such financial institution.
(c) Acceptance of automated records
The Secretary shall permit an uninsured bank
or financial institution to retain or maintain
records referred to in subsection (a) in elec-
tronic or automated form, subject to terms and
conditions established by the Secretary.
(Pub. L. 91–508, title I, § 123, Oct. 26, 1970, 84 Stat.
1116; Pub. L. 100–690, title VI, § 6185(d)(3)(A), Nov.
18, 1988, 102 Stat. 4357; Pub. L. 103–325, title III,
§ 310, Sept. 23, 1994, 108 Stat. 2221; Pub. L. 107–56,
title III, § 358(e), Oct. 26, 2001, 115 Stat. 327; Pub.
L. 108–458, title VI, § 6202(k), Dec. 17, 2004, 118
Stat. 3746.)
Editorial Notes
REFERENCES IN TEXT
Section 1724 of this title, referred to in subsec. (b),
was repealed by Pub. L. 101–73, title IV, § 407, Aug. 9,
1989, 103 Stat. 363.
AMENDMENTS
2004—Subsec. (a). Pub. L. 108–458 made technical cor-
rection to Pub. L. 107–56. See 2001 Amendment note
below.
2001—Subsec. (a). Pub. L. 107–56, as amended by Pub.
L. 108–458, amended introductory provisions generally.
Prior to amendment, introductory provisions read as
follows: ‘‘Where the Secretary determines that the
maintenance of appropriate records and procedures by
any uninsured bank or uninsured institution, or any
person engaging in the
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