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Can you summarize 31 USC 5313?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Reports on domestic coins and currency transactions
Short Summary
This section of the United States Code governs the reporting requirements for domestic coins and currency transactions. It applies to domestic financial institutions and other participants involved in transactions for the payment, receipt, or transfer of United States coins or currency. The Secretary of the Treasury may prescribe regulations regarding the amount, denomination, or circumstances that trigger the reporting requirement. The Secretary may also designate domestic financial institutions as agents of the United States Government to receive reports. There are mandatory exemptions for transactions between depository institutions and certain entities, as well as discretionary exemptions for transactions between depository institutions and qualified business customers. Penalties may be imposed for failure to file a report, but limitations on liability apply if the institution does not knowingly provide false or incomplete information or has reason to believe the customer or transaction does not meet the criteria for exemption.
Whom does it apply to?
Domestic financial institutions and other participants involved in transactions for the payment, receipt, or transfer of United States coins or currency
What does it govern?
Reports on domestic coins and currency transactions
What are exemptions?
Depository institutions are exempt from reporting requirements for transactions with other depository institutions, departments or agencies of the United States or any State, entities exercising governmental authority, and businesses with little or no value for law enforcement purposes. Depository institutions may also be exempt from reporting requirements for transactions with qualified business customers, subject to criteria established by the Secretary of the Treasury.
What are the Penalties?
Depository institutions may be subject to penalties under this subchapter for failure to file a report, but limitations on liability apply if the institution does not knowingly file false or incomplete information or has reason to believe the customer or transaction does not meet the criteria for exemption.
Jurisdiction
U.S. Federal Government