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Can you summarize 31 CFR 1022.320?
Reports Required To Be Made By Money Services Businesses > Reports by money services businesses of suspicious transactions.
Short Summary
This document governs the reporting of suspicious transactions by money services businesses. It applies to money services businesses described in 1010.100(ff)(1), (3), (4), (5), (6), and (7) of this chapter. The document requires money services businesses to file a report with the Treasury Department for any suspicious transaction relevant to a possible violation of law or regulation. The transaction must involve or aggregate funds or other assets of at least $2,000 and the money services business must know, suspect, or have reason to suspect that the transaction is related to illegal activity, is intended to hide or disguise funds derived from illegal activity, or serves no business or apparent lawful purpose. The document also specifies filing procedures, retention of records, confidentiality of suspicious activity reports (SARs), and limitations on liability for voluntary disclosures. Failure to comply with the requirements may result in a violation of the Bank Secrecy Act and this chapter.
Whom does it apply to?
Money services businesses described in 1010.100(ff)(1), (3), (4), (5), (6), and (7) of this chapter
What does it govern?
Reports by money services businesses of suspicious transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Failure to satisfy the requirements of this section may be a violation of the Bank Secrecy Act and of this chapter.
Jurisdiction
U.S. Federal Government