31 U.S.C. § 5326 — Records of certain domestic transactions

Page 482 TITLE 31—MONEY AND FINANCE § 5326 the Secretary of the Treasury may require in regulations which the Secretary shall pre- scribe and the financial institution verifies and records such information in accordance with regulations which such Secretary shall prescribe. (b) REPORT TO SECRETARY UPON REQUEST.— Any information required to be recorded by any financial institution under paragraph (1) or (2) of subsection (a) shall be reported by such insti- tution to the Secretary of the Treasury at the request of such Secretary. (c) TRANSACTION ACCOUNT DEFINED.—For pur- poses of this section, the term ‘‘transaction ac- count’’ has the meaning given to such term in section 19(b)(1)(C) of the Federal Reserve Act. (Added Pub. L. 100–690, title VI, § 6185(b), Nov. 18, 1988, 102 Stat. 4355.) Editorial Notes REFERENCES IN TEXT Section 19(b)(1)(C) of the Federal Reserve Act, re- ferred to in subsec. (c), is classified to section 461(b)(1)(C) of Title 12, Banks and Banking. § 5326. Records of certain domestic transactions (a) IN GENERAL.—If the Secretary of the Treas- ury finds, upon the Secretary’s own initiative or at the request of an appropriate Federal or State law enforcement official, that reasonable grounds exist for concluding that additional rec- ordkeeping and reporting requirements are nec- essary to carry out the purposes of this subtitle or to prevent evasions thereof, the Secretary may issue an order requiring any domestic fi- nancial institution or nonfinancial trade or business or group of domestic financial institu- tions or nonfinancial trades or businesses in a geographic area— (1) to obtain such information as the Sec- retary may describe in such order con- cerning— (A) any transaction in which such finan- cial institution or nonfinancial trade or business is involved for the payment, re- ceipt, or transfer of funds (as the Secretary may describe in such order), the total amounts or denominations of which are equal to or greater than an amount which the Secretary may prescribe; and (B) any other person participating in such transaction; (2) to maintain a record of such information for such period of time as the Secretary may require; and (3) to file a report with respect to any trans- action described in paragraph (1)(A) in the manner and to the extent specified in the order. (b) AUTHORITY TO ORDER DEPOSITORY INSTITU- TIONS TO OBTAIN REPORTS FROM CUSTOMERS.— (1) IN GENERAL.—The Secretary of the Treas- ury may, by regulation or order, require any depository institution (as defined in section 3(c) of the Federal Deposit Insurance Act)— (A) to request any financial institution or nonfinancial trade or business (other than a depository institution) which engages in any reportable transaction with the depository institution to provide the depository institu- tion with a copy of any report filed by the fi- nancial institution or nonfinancial trade or business under this subtitle with respect to any prior transaction (between such finan- cial institution or nonfinancial trade or business and any other person) which in- volved any portion of the funds which are in- volved in the reportable transaction with the depository institution; and (B) if no copy of any report described in subparagraph (A) is received by the deposi- tory institution in connection with any re- portable transaction to which such subpara- graph applies, to submit (in addition to any report required under this subtitle with re- spect to the reportable transaction) a writ- ten notice to the Secretary that the finan- cial institution or nonfinancial trade or business failed to provide any copy of such report. (2) REPORTABLE TRANSACTION DEFINED.—For purposes of this subsection, the term ‘‘report- able transaction’’ means any transaction in- volving funds (as the Secretary may describe in the regulation or order) the total amounts or denominations of which are equal to or greater than an amount which the Secretary may prescribe. (c) NONDISCLOSURE OF ORDERS.—No financial institution or nonfinancial trade or business or officer, director, employee or agent of a finan- cial institution or nonfinancial trade or business subject to an order under this section may dis- close the existence of, or terms of, the order to any person except as prescribed by the Sec- retary. (d) MAXIMUM EFFECTIVE PERIOD FOR ORDER.— No order issued under subsection (a) shall be ef- fective for more than 180 days unless renewed pursuant to the requirements of subsection (a). (Added Pub. L. 100–690, title VI, § 6185(c), Nov. 18, 1988, 102 Stat. 4355; amended Pub. L. 102–550, title XV, §§ 1514, 1562, Oct. 28, 1992, 106 Stat. 4058, 4072; Pub. L. 107–56, title III, §§ 353(d), 365(c)(2)(B), Oct. 26, 2001, 115 Stat. 323, 335; Pub. L. 115–44, title II, § 275(a), Aug. 2, 2017, 131 Stat. 938.) Editorial Notes REFERENCES IN TEXT Section 3(c) of the Federal Deposit Insurance Act, re- ferred to in subsec. (b)(1), is classified to section 1813(c) of Title 12, Banks and Banking. AMENDMENTS 2017—Pub. L. 115–44, § 275(a)(1), struck out ‘‘coin and currency’’ before ‘‘transactions’’ in section catchline. Subsec. (a). Pub. L. 115–44, § 275(a)(2)(A), substituted ‘‘subtitle or to’’ for ‘‘subtitle and’’ in introductory pro- visions. Subsec. (a)(1)(A). Pub. L. 115–44, § 275(a)(2)(B), sub- stituted ‘‘funds (as the Secretary may describe in such order),’’ for ‘‘United States coins or currency (or such other monetary instruments as the Secretary may de- scribe in such order)’’. Subsec. (b)(1)(A). Pub. L. 115–44, § 275(a)(3)(A), sub- stituted ‘‘funds’’ for ‘‘coins or currency (or monetary instruments)’’. Subsec. (b)(2). Pub. L. 115–44, § 275(a)(3)(B), substituted ‘‘funds (as the Secretary may describe in the regulation 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