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Can you summarize 31 USC Chapter 53, Subchapter II?
MONETARY TRANSACTIONS > RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
Short Summary
The legal documents reviewed pertain to records and reports on monetary instruments transactions. They establish reporting requirements for domestic coins and currency transactions, transactions with foreign financial agencies, foreign currency transactions, exporting and importing monetary instruments, search and forfeiture of monetary instruments, compliance, exemptions, and summons authority related to records and reports, special measures for primary money laundering concerns, availability of reports, injunctions, civil penalties, criminal penalties, whistleblower incentives and protections, structuring transactions to evade reporting requirements, identification requirements for purchasing certain monetary instruments, orders requiring information, registration of money transmitting businesses, reporting requirements for certain transactions, bulk cash smuggling offenses, safe harbor provision for keep open requests, training requirements for Federal examiners, and criminal offenses related to concealment of material facts. These documents apply to various entities such as financial institutions, nonfinancial trades or businesses, officers or employees of financial institutions or nonfinancial trades or businesses, and persons having possession, custody, or care of required reports and records. They aim to prevent money laundering, terrorism financing, and other financial crimes, and establish penalties for non-compliance or violation of the provisions.
Whom does it apply to?
Financial institutions, nonfinancial trades or businesses, officers or employees of financial institutions or nonfinancial trades or businesses, and persons having possession, custody, or care of required reports and records
What does it govern?
Records and reports on monetary instruments transactions
What are exemptions?
Exemptions for certain transactions within a state subject to similar requirements and adequate enforcement provisions, examinations conducted by a state supervisory agency for compliance, and appropriate exemptions prescribed by the Secretary of the Treasury
What are the Penalties?
Civil penalties range from $10,000 to $100,000 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. Criminal penalties include fines of up to $250,000 and imprisonment for up to 5 years for willful violations, and fines of up to $500,000 and imprisonment for up to 10 years for violations involving another law or a pattern of illegal activity over $100,000 in a 12-month period. 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.
Jurisdiction
U.S. Federal Government