31 U.S.C. § 5328 — Untitled legal text

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 Repealed.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 Repealed.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