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Can you summarize 31 USC 5321?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Civil penalties
Short Summary
This legal document, found in the United States Code, governs civil penalties for violations related to monetary transactions, records, and reports on monetary instruments transactions. It applies to domestic financial institutions, nonfinancial trade or business, as well as their partners, directors, officers, and employees. The document outlines various civil penalties for willful violations, failure to file reports or filing reports with omissions or misstatements, failure to comply with regulations or injunctions, structured transaction violations, and foreign financial agency transaction violations. The penalties range from $10,000 to $100,000, depending on the violation. Repeat violators may face additional penalties. The document also specifies time limitations for assessments and commencement of civil actions, delegation of assessment authority to banking agencies, and additional damages for repeat violators. Criminal penalties are not exclusive of civil penalties. Lastly, the document includes provisions barring individuals who commit egregious violations from serving on the boards of United States financial institutions.
Whom does it apply to?
Domestic financial institutions, nonfinancial trade or business, partners, directors, officers, employees
What does it govern?
Civil penalties
What are exemptions?
Exemptions are not mentioned.
What are the Penalties?
Civil penalties range from $10,000 to $100,000 depending on the violation. Additional penalties may be imposed for repeat violators.
Jurisdiction
U.S. Federal Government