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Can you summarize 31 CFR 1010.360?
Reports Required To Be Made > Reports of transactions with foreign financial agencies.
Short Summary
This regulation, issued by the Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury, empowers the Secretary to promulgate regulations requiring specified financial institutions to file reports of certain transactions with designated foreign financial agencies. The regulation outlines the information subject to reporting requirements, including checks or drafts, transmittal orders, loans, commercial paper, stocks, bonds, and certificates of deposit. The Secretary has the authority to classify financial institutions subject to or exempt from reporting requirements, determine the foreign countries to which the requirements apply, specify the magnitude and kind of transactions subject to reporting, and prescribe the form in which the information is to be reported. The regulation also includes limitations to avoid impeding or controlling the export or import of monetary instruments and to prevent unreasonable burden on individuals making transactions with foreign financial agencies. Additionally, the Secretary is prohibited from issuing regulations for the purpose of obtaining individually identifiable account information concerning a customer who is already the subject of an ongoing investigation or known to be under investigation for possible violation of any other Federal law. Financial institutions may be required to report transactions completed prior to receiving notice of the reporting requirement, but only from records required to be maintained or otherwise maintained in the regular course of business.
Whom does it apply to?
Specified financial institutions
What does it govern?
Reports of transactions with designated foreign financial agencies
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government