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Can you summarize 31 USC 5324?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Structuring transactions to evade reporting requirement prohibited
Short Summary
This legal document, 5324 of the United States Code, prohibits the structuring of transactions to evade reporting requirements. It applies to domestic coin and currency transactions involving financial institutions, nonfinancial trades or businesses, and international monetary instrument transactions. The document states that no person shall cause or attempt to cause a financial institution or nonfinancial trade or business to fail to file a required report or maintain a required record, or structure or assist in structuring any transaction with such entities. Violation of this section can result in fines, imprisonment, or both. Aggravated cases involving violation of another law or a pattern of illegal activity with a value exceeding $100,000 in a 12-month period may face enhanced penalties. No exemptions are mentioned in the document.
Whom does it apply to?
Any person involved in domestic coin and currency transactions with financial institutions, nonfinancial trades or businesses, or international monetary instrument transactions
What does it govern?
Structuring transactions to evade reporting requirement
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine of up to 5 years imprisonment, or both. Enhanced penalty of fine up to twice the amount provided in subsection (b)(3) or (c)(3) of section 3571 of title 18, United States Code, imprisonment for not more than 10 years, or both for aggravated cases.
Jurisdiction
U.S. Federal Government