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Can you summarize 31 CFR Part 1010, Subpart H?
GENERAL PROVISIONS > Enforcement; Penalties; and Forfeiture
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. 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 who willfully participate in violations
What does it govern?
Enforcement, penalties, and forfeiture related to the regulations under the Code of Federal Regulations, specifically the regulations relating to money and finance
What are exemptions?
No exemptions are mentioned in the document
What are the Penalties?
The penalties for non-compliance or violation of the regulations 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
Jurisdiction
U.S. Federal Government