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Can you summarize 31 CFR 1020.315?
Reports Required To Be Made By Banks > Transactions of exempt persons.
Short Summary
This section of the Code of Federal Regulations governs the transactions of exempt persons. It applies to banks. According to this section, banks are not required to file a report for any transaction in currency between an exempt person and the bank. The exemption also applies to transactions between an exempt person and other banks affiliated with the bank. No penalties are mentioned in this section.
Whom does it apply to?
Banks
What does it govern?
Transactions of exempt persons
What are exemptions?
No bank is required to file a report otherwise required by 1010.311 with respect to any transaction in currency between an exempt person and such bank, or, to the extent provided in paragraph (e)(6) of this section, between such exempt person and other banks affiliated with such bank.
What are the Penalties?
No penalties mentioned in this section.
Jurisdiction
U.S. Federal Government