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12 U.S.C. § 1958 — Compliance

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

12 U.S.C. § 1958 — Compliance

The Secretary shall have the responsibility to assure compliance with the requirements of this chapter and [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim) and may delegate such responsibility to the appropriate bank supervisory agency, or other supervisory agency. The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that the category of financial institution is required to comply with this chapter and [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim) (and regulations prescribed under this chapter and [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim)), or the State supervisory agency examines the category of financial institution for compliance with this chapter and [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim) (and regulations prescribed under this chapter and [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim)).

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Source file: Laws/federal/codes/united-states-code/title-12/section-1958-compliance--fe79b70b17.md
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Source location: Title 12, Chapter 21, § 1958; chapter-021-financial-recordkeeping.md

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

12 U.S.C. § 1829b — Retention of records by insured depository institutions

**(a) Congressional findings and declaration of purpose** (1) **Findings** — Congress finds that— (A) adequate records maintained by insured depository institutions have a high degree of usefulness in criminal, tax, and regulatory investigations or proceedings, and that, given the threat posed to the security of the Nation on and after the terrorist attacks against the United States on September 11, 2001, such records may also have a high degree of usefulness in the conduct of intelligence or counterintelligence activities, including analysis, to protect against domestic and international terrorism; and (B) microfilm or other reproductions and other records made by insured depository institutions of checks, as well as records kept by such institutions, of the identity of persons maintaining or authorized to act with respect to accounts therein, have been of particular value in proceedings described in subparagraph (A). (2) **Purpose** — It is the purpose of this section to require the maintenance of appropriate types of records by insured depository institutions in the United States where such records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, recognizing that, given the threat posed to the security of the Nation on and after the terrorist attacks against the United States on September 11, 2001, such records may also have a high degree of usefulness in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism. **(b) Recordkeeping regulations** (1) **In general** — Where the Secretary of the Treasury (referred to in this section as the “Secretary”) determines that the maintenance of appropriate types of records and other evidence by insured d

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

12 U.S.C. § 1951 — Congressional findings and declaration of purpose

**(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

31 U.S.C. § 5318 — Compliance, exemptions, and summons authority

**(a) General Powers of Secretary.—** The Secretary of the Treasury may (except under [section 5315 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5315&num=0&edition=prelim) and regulations prescribed under section 5315)— (1) except as provided in subsections (b)(2) and (h)(4), delegate duties and powers under this subchapter to an appropriate supervising agency and the United States Postal Service; (2) require a class of domestic financial institutions or nonfinancial trades or businesses to maintain appropriate procedures, including the collection and reporting of certain information as the Secretary of the Treasury may prescribe by regulation, to ensure compliance with this subchapter and regulations prescribed under this subchapter or to guard against money laundering, the financing of terrorism, or other forms of illicit finance; (3) examine any books, papers, records, or other data of domestic financial institutions or nonfinancial trades or businesses relevant to the recordkeeping or reporting requirements of this subchapter; (4) summon a financial institution or nonfinancial trade or business, an officer or employee of a financial institution or nonfinancial trade or business (including a former officer or employee), or any person having possession, custody, or care of the reports and records required under this subchapter, to appear before the Secretary of the Treasury or his delegate at a time and place named in the summons and to produce such books, papers, records, or other data, and to give testimony, under oath, as may be relevant or material to an investigation described in subsection (b); (5) exempt from the requirements of this subchapter any class of transactions within any State if the Secretary determi

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

12 U.S.C. § 1958 — Compliance

Page 1275 TITLE 12—BANKS AND BANKING § 1958 1 See References in Text note below. 18, 1988, 102 Stat. 4357; Pub. L. 102–550, title XV, § 1535(c)(1), Oct. 28, 1992, 106 Stat. 4067.) Editorial Notes AMENDMENTS 1992—Subsec. (a). Pub. L. 102–550 inserted ‘‘or any per- son willfully causing a violation of the regulation,’’ after ‘‘applies,’’. 1988—Subsec. (a). Pub. L. 100–690 inserted ‘‘or grossly negligent’’ after ‘‘willful’’ and ‘‘or through gross neg- ligence’’ after ‘‘willfully’’ and substituted ‘‘$10,000’’ for ‘‘$1,000’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth cal- endar month which begins after Oct. 26, 1970, see sec- tion 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title. § 1956. Criminal penalty Whoever willfully violates any regulation under this chapter shall be fined not more than $1,000 or imprisoned not more than one year, or both. (Pub. L. 91–508, title I, § 126, Oct. 26, 1970, 84 Stat. 1118.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth cal- endar month which begins after Oct. 26, 1970, see sec- tion 401(a), (b) of Pub. L. 91–508, set ou

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