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31 U.S.C. § 5314 — Records and reports on foreign financial agency transactions

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

31 U.S.C. § 5314 — Records and reports on foreign financial agency transactions

**(a)** Considering the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a foreign financial agency, the Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency. The records and reports shall contain the following information in the way and to the extent the Secretary prescribes: (1) the identity and address of participants in a transaction or relationship. (2) the legal capacity in which a participant is acting. (3) the identity of real parties in interest. (4) a description of the transaction. **(b)** The Secretary may prescribe— (1) a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section; (2) a foreign country to which a requirement or a regulation under this section applies if the Secretary decides applying the requirement or regulation to all foreign countries is unnecessary or undesirable; (3) the magnitude of transactions subject to a requirement or a regulation under this section; (4) the kind of transaction subject to or exempt from a requirement or a regulation under this section; and (5) other matters the Secretary considers necessary to carry out this section or a regulation under this section. **(c)** A person shall be required to disclose a record required to be kept under this section or under a regulation under this section only as required by law.

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Source file: Laws/federal/codes/united-states-code/title-31/section-5314-records-and-reports-on-foreign-financial-agency-transactions--74073315c9.md
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Source location: Title 31, Chapter 53, § 5314; chapter-053-monetary-transactions.md

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

31 U.S.C. § 5321 — Civil penalties

**(a)** (1) A domestic financial institution or nonfinancial trade or business, and a partner, director, officer, or employee of a domestic financial institution or nonfinancial trade or business, willfully violating this subchapter or a regulation prescribed or order issued under this subchapter (except sections 5314, 5315, and 5336 of this title or a regulation prescribed under sections 5314, 5315, and 5336), or willfully violating a regulation prescribed under section 21 of the Federal Deposit Insurance Act or section 123 of Public Law 91–508, is liable to the United States Government for a civil penalty of not more than the greater of the amount (not to exceed $100,000) involved in the transaction (if any) or $25,000. For a violation of [section 5318(a)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5318/a/2&num=0&edition=prelim) or a regulation prescribed under section 5318(a)(2), a separate violation occurs for each day the violation continues and at each office, branch, or place of business at which a violation occurs or continues. (2) The Secretary of the Treasury may impose an additional civil penalty on a person not filing a report, or filing a report containing a material omission or misstatement, under [section 5316 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5316&num=0&edition=prelim) or a regulation prescribed under section 5316. A civil penalty under this paragraph may not be more than the amount of the monetary instrument for which the report was required. A civil penalty under this paragraph is reduced by an amount forfeited under [section 5317(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5317/b&num=0&edition=p

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

31 U.S.C. § 5314 — Records and reports on foreign financial

Page 449 TITLE 31—MONEY AND FINANCE § 5314 ‘‘(c) REPORT AND RULEMAKINGS.—Not later than 1 year after the date of enactment of this Act [Jan. 1, 2021], the Secretary, in consultation with the Attorney General, the Director of National Intelligence, the Sec- retary of Homeland Security, the Federal functional regulators, State bank supervisors, State credit union supervisors, and other relevant stakeholders, shall— ‘‘(1) publish a report of the findings from the review required under subsection (a); and ‘‘(2) propose rulemakings, as appropriate, to imple- ment the findings and determinations described in paragraph (1). ‘‘(d) UPDATES.—Not less frequently than once every 5 years during the 10-year period beginning on the date of enactment of this Act, the Secretary shall— ‘‘(1) evaluate findings and rulemakings described in subsection (c); and ‘‘(2) transmit a written summary of the evaluation to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate; and ‘‘(3) propose rulemakings, as appropriate, in re- sponse to the evaluation required under paragraph (1).’’ [For definitions of terms used in section 6205 of Pub. L. 116–283, set out above, see section 6003 of Pub. L. 116–283, set out as a Definitions note under section 5311 of this title.] EFFICIENT USE OF CURRENCY TRANSACTION REPORT SYSTEM Pub. L. 107–56, title III, § 366, Oct. 26, 2001, 115 Stat. 335, provided that: ‘‘(a) FINDINGS.—The Congress finds the following: ‘‘(1) The Congress established the currency trans- action reporting requirements in 1970 because the Congress found then that such reports have a high de- gree of usefulness in criminal, tax, and regulatory in- vestigations and proceedings and the us

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