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Can you summarize 31 CFR 1010.820?
Enforcement; Penalties; and Forfeiture > Civil penalty.
Short Summary
This document, under the Code of Federal Regulations, governs the enforcement, penalties, and forfeiture related to financial crimes. It applies to domestic financial institutions, as well as partners, directors, officers, and employees who willfully participate in violations. The document outlines various civil penalties that the Secretary may assess for different types of violations. These penalties include fines up to $1,000 for willful violations committed before October 12, 1984, fines up to $10,000 for willful violations committed between October 12, 1984, and October 28, 1986, fines up to $1,000 for willful violations of recordkeeping requirements (except 1010.420), fines up to the amount of currency or monetary instruments transported for failure to file a report or filing a report with material omission or misstatement, fines up to the amount of coins and currency involved in a transaction for willful violations of 1010.314 committed after January 26, 1987 (reduced by any forfeiture to the United States), fines up to the greater of the amount involved in the transaction (not exceeding $100,000) or $25,000 for willful violations of reporting requirements (except 1010.350, 1010.360, or 1010.420) committed after October 27, 1986, and fines up to $500 for each negligent violation committed after October 27, 1986. No exemptions are mentioned in the document.
Whom does it apply to?
Domestic financial institutions, partners, directors, officers, and employees
What does it govern?
Enforcement; Penalties; and Forfeiture
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The Secretary may assess civil penalties as follows: - For willful violations committed on or before October 12, 1984: Up to $1,000. - For willful violations committed after October 12, 1984, and before October 28, 1986: Up to $10,000. - For willful violations of recordkeeping requirements, except violations of 1010.420: Up to $1,000. - For failure to file a report or filing a report with material omission or misstatement: Up to the amount of currency or monetary instruments transported, mailed, or shipped, less any amount forfeited. - For willful violations of 1010.314 committed after January 26, 1987: Up to the amount of coins and currency involved in the transaction, reduced by any forfeiture to the United States. - For willful violations committed after October 27, 1986, of reporting requirements (except 1010.350, 1010.360, or 1010.420): The greater of the amount involved in the transaction (not to exceed $100,000) or $25,000. - For each negligent violation: Up to $500.
Jurisdiction
U.S. Federal Government