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Can you summarize 31 USC 5318?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Compliance, exemptions, and summons authority
Short Summary
This legal document, found in the United States Code under the section on MONEY AND FINANCE, governs compliance, exemptions, and summons authority related to records and reports on monetary instrument transactions. It applies to financial institutions, nonfinancial trades or businesses, officers or employees of financial institutions or nonfinancial trades or businesses, and persons having possession, custody, or care of required reports and records. The document provides exemptions for certain transactions within a state that are subject to similar requirements and have adequate enforcement provisions, examinations conducted by a state supervisory agency for compliance, and appropriate exemptions prescribed by the Secretary of the Treasury. It does not specify penalties for non-compliance.
Whom does it apply to?
Financial institutions, nonfinancial trades or businesses, officers or employees of financial institutions or nonfinancial trades or businesses, persons having possession, custody, or care of required reports and records
What does it govern?
Compliance, exemptions, and summons authority related to records and reports on monetary instrument transactions
What are exemptions?
Certain transactions within a state that are subject to similar requirements and have adequate enforcement provisions, examinations conducted by a state supervisory agency for compliance, appropriate exemptions prescribed by the Secretary of the Treasury
What are the Penalties?
Not specified
Jurisdiction
U.S. Federal Government