Ask Reggi Your Question Now
Can you summarize 31 USC 5318A?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Special measures for jurisdictions, financial institutions, international transactions, or types of accounts of primary money laundering concern
Short Summary
This legal document, found in the United States Code, provides the Secretary of the Treasury with the authority to require domestic financial institutions and domestic financial agencies to take special measures if there are reasonable grounds to conclude that a jurisdiction outside of the United States, financial institutions operating outside of the United States, classes of transactions within or involving a jurisdiction outside of the United States, or types of accounts are of primary money laundering concern. The special measures that can be imposed include recordkeeping and reporting of certain financial transactions, obtaining and retaining information relating to beneficial ownership, obtaining and retaining information relating to certain payable-through accounts, obtaining and retaining information relating to certain correspondent accounts, and imposing prohibitions or conditions on opening or maintaining certain correspondent or payable-through accounts. The Secretary must consult with various agencies and consider factors such as similar actions taken by other nations, competitive disadvantages for U.S. financial institutions, adverse systemic impacts, and national security and foreign policy effects. The Secretary is also required to notify relevant congressional committees of any actions taken. The document includes definitions and provisions for consultation and information to be considered in finding jurisdictions, institutions, types of accounts, or transactions to be of primary money laundering concern.
Whom does it apply to?
Domestic financial institutions and domestic financial agencies
What does it govern?
Special measures for jurisdictions, financial institutions, international transactions, or types of accounts of primary money laundering concern
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
U.S. Federal Government