Ask Reggi Your Question Now
Can you summarize 31 USC 5322?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Criminal penalties
Short Summary
This legal document outlines the criminal penalties for violations of the specified subchapter or regulations prescribed or orders issued under it. It applies to individuals who willfully violate the subchapter or regulations, as well as financial institutions or agencies that violate specific provisions or regulations. The document provides different penalties based on the nature of the violation. Willful violations can result in fines of up to $250,000, imprisonment for up to 5 years, or both. If the violation involves another law or a pattern of illegal activity over $100,000 in a 12-month period, the penalties can increase to a fine of up to $500,000, imprisonment for up to 10 years, or both. Violations of section 5318(a)(2) or its regulations are considered separate violations for each day and at each office, branch, or place of business. Financial institutions or agencies that violate specific provisions or regulations may face fines of not less than 2 times the amount of the transaction, but not more than $1,000,000. Additionally, individuals convicted under the Bank Secrecy Act may be fined an amount equal to the profit gained and may be required to repay any bonus received if they were partners, directors, officers, or employees of a financial institution at the time of the violation.
Whom does it apply to?
Persons who willfully violate the subchapter or regulations prescribed or orders issued under the subchapter, financial institutions or agencies that violate specific provisions or regulations
What does it govern?
Criminal penalties
What are exemptions?
Exemptions are mentioned for violations of section 5315, 5324, or 5336 of this title or regulations prescribed under those sections
What are the Penalties?
For willful violations: a fine of up to $250,000, imprisonment for up to 5 years, or both. For willful violations involving another law or a pattern of illegal activity over $100,000 in a 12-month period: a fine of up to $500,000, imprisonment for up to 10 years, or both. For violations of section 5318(a)(2) or regulations prescribed under it: separate violations occur for each day and at each office, branch, or place of business. For violations by financial institutions or agencies: a fine of not less than 2 times the amount of the transaction, but not more than $1,000,000. For convictions under the Bank Secrecy Act: in addition to any other fine, a fine equal to the profit gained and repayment of any bonus received by individuals who were partners, directors, officers, or employees of a financial institution at the time of the violation.
Jurisdiction
U.S. Federal Government