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 Repealed.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 Repealed.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, 2001, 115 Stat. 335, related to whistleblower protections. See section 5323 of this title. § 5329. Staff commentaries The Secretary shall— (1) publish all written rulings interpreting this subchapter; and (2) annually issue a staff commentary on the regulations issued under this subchapter. (Added Pub. L. 103–325, title III, § 311(a), Sept. 23, 1994, 108 Stat. 2221.) § 5330. Registration of money transmitting busi- nesses (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 busi- ness is licensed as a money transmitting busi- ness 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 estab- lished. (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 reg- istering a money transmitting business pursu- ant to paragraph (1). (3) BUSINESSES REMAIN SUBJECT TO STATE LAW.—This section shall not be construed as superseding any requirement of State law re- lating to money transmitting businesses oper- ating in such State. (4) FALSE AND INCOMPLETE INFORMATION.— The filing of false or materially incomplete in- formation in connection with the registration of a money transmitting business shall be con- sidered as a failure to comply with the re- quirements of this subchapter. (b) CONTENTS OF REGISTRATION.—The registra- tion of a money transmitting business under subsection (a) shall include the following infor- mation: (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 an- nually to the Secretary). (5) Such other information as the Secretary of the Treasury may require. (c) AGENTS OF MONEY TRANSMITTING BUSI- NESSES.— (1) MAINTENANCE OF LISTS OF AGENTS OF MONEY TRANSMITTING BUSINESSES.—Pursuant to regulations which the Secretary of the Treasury shall prescribe, each money trans- mitting business shall— (A) maintain a list containing the names and addresses of all persons authorized to act as an agent for such business in connec- tion 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 TRANS- MITTING BUSINESS.—The Secretary of the Treasury shall prescribe regulations estab- lishing, 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 sec- tion. (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 ex- change, or money transmitting or remit- tance services, or issues or redeems money orders, travelers’ checks, and other similar instruments or any other person who en- gages as a business in the transmission of currency, funds, or value that substitutes for currency, including any person who engages Page 484 TITLE 31—MONEY AND FINANCE § 5331 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 out- side of the conventional financial institu- tions system; (B) is required to file reports under section 5313; and (C) is not a depository institution (as de- fined in section 5313(g)). (2) MONEY TRANSMITTING SERVICE.—The term ‘‘money transmitting service’’ includes ac- cepting currency, funds, or value that sub- stitutes 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 re- serve 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 sec- tion shall be liable to the United States for a civil penalty of $5,000 for each such violation. (2) CONTINUING VIOLATION.—Each day a viola- tion 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 provi- sions of such section. (Added Pub. L. 103–325, title IV, § 408(b), Sept. 23, 1994, 108 Stat. 2250; amended Pub. L. 107–56, title III, § 359(b), Oct. 26, 2001, 115 Stat. 328; Pub. L. 116–283, div. F, title LXI, § 6102(d)(2), Jan. 1, 2021, 134 Stat. 4553.) Editorial Notes REFERENCES IN TEXT The date of enactment of the Money Laundering Sup- pression Act of 1994, referred to in subsec. (a)(1)(A), is the date of enactment of title IV of Pub. L. 103–325, which was approved Sept. 23, 1994. Section 19(b)(1)(C) of the Federal Reserve Act, re- ferred to in subsec. (b)(3), is classified to section 461(b)(1)(C) of Title 12, Banks and Banking. AMENDMENTS 2021—Subsec. (d)(1)(A). Pub. L. 116–283, § 6102(d)(2)(A), substituted ‘‘currency, funds, or value that substitutes for currency,’’ for ‘‘funds,’’ and ‘‘system;’’ for ‘‘sys- tem;;’’. Subsec. (d)(2). Pub. L. 116–283, § 6102(d)(2)(B), sub- stituted ‘‘currency, funds, or value that substitutes for currency’’ for ‘‘currency or funds denominated in the currency of any country’’ after ‘‘accepting’’, sub- stituted ‘‘currency, funds, or value that substitutes for currency’’ for ‘‘currency or funds, or the value of the currency or funds,’’ after ‘‘transmitting the’’, and in- serted ‘‘, including’’ after ‘‘means’’. 2001—Subsec. (d)(1)(A). Pub. L. 107–56 inserted before semicolon ‘‘or any other person who engages as a busi- ness in the transmission of funds, including any person who engages as a business in an informal money trans- fer system or any network of people who engage as a business in facilitating the transfer of money domesti- cally or internationally outside of the conventional fi- nancial institutions system;’’. Statutory Notes and Related Subsidiaries FINDINGS AND PURPOSES Pub. L. 103–325, title IV, § 408(a), Sept. 23, 1994, 108 Stat. 2249, provided that: ‘‘(1) FINDINGS.—The Congress hereby finds the fol- lowing: ‘‘(A) Money transmitting businesses are subject to the recordkeeping and reporting requirements of sub- chapter II of chapter 53 of title 31, United States Code. ‘‘(B) Money transmitting businesses are largely un- regulated businesses and are frequently used in so- phisticated schemes to— ‘‘(i) transfer large amounts of money which are the proceeds of unlawful enterprises; and ‘‘(ii) evade the requirements of such subchapter II, the Internal Revenue Code of 1986 [26 U.S.C. 1 et seq.], and other laws of the United States. ‘‘(C) Information on the identity of money trans- mitting businesses and the names of the persons who own or control, or are officers or employees of, a money transmitting business would have a high de- gree of usefulness in criminal, tax, or regulatory in- vestigations and proceedings. ‘‘(2) PURPOSE.—It is the purpose of this section [en- acting this section and amending section 1960 of Title 18, Crimes and Criminal Procedure] to establish a reg- istration requirement for businesses engaged in pro- viding check cashing, currency exchange, or money transmitting or remittance services, or issuing or re- deeming money orders, travelers’ checks, and other similar instruments to assist the Secretary of the Treasury, the Attorney General, and other supervisory and law enforcement agencies to effectively enforce the criminal, tax, and regulatory laws and prevent such money transmitting businesses from engaging in illegal activities.’’ § 5331. Reports relating to coins and currency re- ceived in nonfinancial trade or business (a) COIN AND CURRENCY RECEIPTS OF MORE THAN $10,000.—Any person— (1)(A) who is engaged in a trade or business, and (B) who, in the course of such trade or busi- ness, receives more than $10,000 in coins or currency in 1 transaction (or 2 or more related transactions), or (2) who is required to file a report under sec- tion 6050I(g) of the Internal Revenue Code of 1986, shall file a report described in subsection (b) with respect to such transaction (or related transactions) with the Financial Crimes En- forcement Network at such time and in such manner as the Secretary may, by regulation, prescribe. (b) FORM AND MANNER OF REPORTS.—A report is described in this subsection if such report— (1) is in such form as the Secretary may pre- scribe; (2) contains— (A) the name and address, and such other identification information as the Secretary may require, of the person from whom the coins or currency was received; (B) the amount of coins or currency re- ceived; (C) the date and nature of the transaction; and