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Can you summarize 31 CFR 1010.810?
Enforcement; Penalties; and Forfeiture > Enforcement.
Short Summary
This document governs the enforcement, penalties, and forfeiture related to the regulations under the Code of Federal Regulations, specifically the regulations relating to money and finance. The overall authority for enforcement and compliance is delegated to the Director of the Financial Crimes Enforcement Network (FinCEN). The document outlines the authority to examine financial institutions for compliance with the regulations, which is delegated to various agencies depending on the type of institution. The document also delegates authority for investigating criminal violations and imposes civil penalties for violations. Periodic reports are required to be submitted to the Director of FinCEN by the agencies with compliance authority. The Director of FinCEN and the delegated agencies have the authority to examine books, papers, records, and other data of domestic financial institutions relevant to the recordkeeping or reporting requirements. Additionally, the authority to enforce specific provisions of the regulations has been redelegated from FinCEN to the Commissioner of Internal Revenue. The penalties for non-compliance or violation of the regulations include civil penalties under 31 U.S.C. 5321 and 31 CFR 1010.820.
Whom does it apply to?
Financial institutions regularly examined for safety and soundness by national bank examiners, Federal Reserve bank examiners, FDIC bank examiners, FHLBB bank examiners, NCUA examiners, brokers and dealers in securities, investment companies, Customs and Border Protection, Internal Revenue, futures commission merchants, introducing brokers in commodities, commodity trading advisors, housing government sponsored enterprises
What does it govern?
Enforcement; Penalties; and Forfeiture
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Civil penalties under 31 U.S.C. 5321 and 31 CFR 1010.820
Jurisdiction
U.S. Federal Government