31 U.S.C. § 5331 — Reports relating to coins and currency re-

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 Page 485 TITLE 31—MONEY AND FINANCE § 5332 (D) such other information, including the identification of the person filing the report, as the Secretary may prescribe. (c) EXCEPTIONS.— (1) AMOUNTS RECEIVED BY FINANCIAL INSTITU- TIONS.—Subsection (a) shall not apply to amounts received in a transaction reported under section 5313 and regulations prescribed under such section. (2) TRANSACTIONS OCCURRING OUTSIDE THE UNITED STATES.—Except to the extent provided in regulations prescribed by the Secretary, subsection (a) shall not apply to any trans- action if the entire transaction occurs outside the United States. (d) CURRENCY INCLUDES FOREIGN CURRENCY AND CERTAIN MONETARY INSTRUMENTS.— (1) IN GENERAL.—For purposes of this sec- tion, the term ‘‘currency’’ includes— (A) foreign currency; and (B) to the extent provided in regulations prescribed by the Secretary, any monetary instrument (whether or not in bearer form) with a face amount of not more than $10,000. (2) SCOPE OF APPLICATION.—Paragraph (1)(B) shall not apply to any check drawn on the ac- count of the writer in a financial institution referred to in subparagraph (A), (B), (C), (D), (E), (F), (G), (J), (K), (R), or (S) of section 5312(a)(2). (Added Pub. L. 107–56, title III, § 365(a), Oct. 26, 2001, 115 Stat. 333; amended Pub. L. 112–74, div. C, title I, § 120, Dec. 23, 2011, 125 Stat. 891.) Editorial Notes REFERENCES IN TEXT Section 6050I(g) of the Internal Revenue Code of 1986, referred to in subsec. (a)(2), is classified to section 6050I of Title 26, Internal Revenue Code. AMENDMENTS 2011—Subsec. (a). Pub. L. 112–74 redesignated pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), substituted ‘‘, and’’ for ‘‘; and’’ in subpar. (A), inserted ‘‘or’’ at end of subpar. (B), and added par. (2). Statutory Notes and Related Subsidiaries REGULATIONS Pub. L. 107–56, title III, § 365(e), formerly § 365(f), Oct. 26, 2001, 115 Stat. 335, renumbered § 365(e) by Pub. L. 108–458, title VI, § 6202(n)(2), Dec. 17, 2004, 118 Stat. 3746, provided that: ‘‘Regulations which the Secretary [of the Treasury] determines are necessary to implement this section [enacting this section and amending sec- tions 5312, 5317, 5318, 5321, 5324, 5326, and former 5328 of this title] shall be published in final form before the end of the 6-month period beginning on the date of en- actment of this Act [Oct. 26, 2001].’’ § 5332. Bulk cash smuggling into or out of the United States (a) CRIMINAL OFFENSE.— (1) IN GENERAL.—Whoever, with the intent to evade a currency reporting requirement under section 5316, knowingly conceals more than $10,000 in currency or other monetary instru- ments on the person of such individual or in any conveyance, article of luggage, merchan- dise, or other container, and transports or transfers or attempts to transport or transfer such currency or monetary instruments from a place within the United States to a place outside of the United States, or from a place outside the United States to a place within the United States, shall be guilty of a currency smuggling offense and subject to punishment pursuant to subsection (b). (2) CONCEALMENT ON PERSON.—For purposes of this section, the concealment of currency on the person of any individual includes con- cealment in any article of clothing worn by the individual or in any luggage, backpack, or other container worn or carried by such indi- vidual. (b) PENALTY.— (1) TERM OF IMPRISONMENT.—A person con- victed of a currency smuggling offense under subsection (a), or a conspiracy to commit such offense, shall be imprisoned for not more than 5 years. (2) FORFEITURE.—In addition, the court, in imposing sentence under paragraph (1), shall order that the defendant forfeit to the United States, any property, real or personal, in- volved in the offense, and any property trace- able to such property. (3) PROCEDURE.—The seizure, restraint, and forfeiture of property under this section shall be governed by section 413 of the Controlled Substances Act. (4) PERSONAL MONEY JUDGMENT.—If the prop- erty subject to forfeiture under paragraph (2) is unavailable, and the defendant has insuffi- cient substitute property that may be for- feited pursuant to section 413(p) of the Con- trolled Substances Act, the court shall enter a personal money judgment against the defend- ant for the amount that would be subject to forfeiture. (c) CIVIL FORFEITURE.— (1) IN GENERAL.—Any property involved in a violation of subsection (a), or a conspiracy to commit such violation, and any property traceable to such violation or conspiracy, may be seized and forfeited to the United States. (2) PROCEDURE.—The seizure and forfeiture shall be governed by the procedures governing civil forfeitures in money laundering cases pursuant to section 981(a)(1)(A) of title 18, United States Code. (3) TREATMENT OF CERTAIN PROPERTY AS IN- VOLVED IN THE OFFENSE.—For purposes of this subsection and subsection (b), any currency or other monetary instrument that is concealed or intended to be concealed in violation of sub- section (a) or a conspiracy to commit such violation, any article, container, or convey- ance used, or intended to be used, to conceal or transport the currency or other monetary instrument, and any other property used, or intended to be used, to facilitate the offense, shall be considered property involved in the offense. (Added Pub. L. 107–56, title III, § 371(c), Oct. 26, 2001, 115 Stat. 337; amended Pub. L. 108–458, title VI, § 6203(h), Dec. 17, 2004, 118 Stat. 3747.)