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Can you summarize 31 USC 5330?
RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS > Registration of money transmitting businesses
Short Summary
This legal document, 5330 of the United States Code, governs the registration of money transmitting businesses. It requires any person who owns or controls a money transmitting business to register the business with the Secretary of the Treasury within 180 days of the enactment of the Money Laundering Suppression Act of 1994 or the date on which the business is established, whichever is later. The registration must include information such as the name and location of the business, the names and addresses of the owners, directors, officers, and other participants in the business, and the name and address of any depository institution where the business maintains a transaction account. The registration must also include an estimate of the volume of business in the coming year and any other information required by the Secretary of the Treasury. The document further specifies that money transmitting businesses must maintain lists of authorized agents and make the lists available to law enforcement agencies upon request. Failure to comply with the registration requirements may result in a civil penalty of $5,000 for each violation.
Whom does it apply to?
Any person who owns or controls a money transmitting business
What does it govern?
Registration of money transmitting businesses
What are exemptions?
This section shall not supersede any requirement of State law relating to money transmitting businesses operating in such State.
What are the Penalties?
Civil penalty of $5,000 for each violation
Jurisdiction
U.S. Federal Government