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Can you summarize 18 USC 1005?
FRAUD AND FALSE STATEMENTS > Bank entries, reports and transactions
Short Summary
This legal document, specified under the United States Code, falls under the section of ‘Crimes and Criminal Procedure’ and specifically pertains to ‘Fraud and False Statements’. It governs bank entries, reports, and transactions. The document applies to officers, directors, agents, and employees of various financial institutions, including Federal Reserve banks, member banks, depository institution holding companies, national banks, insured banks, branches or agencies of foreign banks, and organizations operating under the Federal Reserve Act. The document prohibits unauthorized issuance of bank notes, certificates of deposit, drafts, orders, bills of exchange, and other obligations. It also prohibits making false entries in books, reports, or statements of financial institutions with the intent to defraud or deceive. Additionally, it criminalizes participation in fraudulent acts involving financial institutions. Non-compliance with this document can result in a fine of up to $1,000,000 and/or imprisonment of up to 30 years.
Whom does it apply to?
Officers, directors, agents, and employees of Federal Reserve banks, member banks, depository institution holding companies, national banks, insured banks, branches or agencies of foreign banks, and organizations operating under the Federal Reserve Act
What does it govern?
Bank entries, reports and transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine of up to $1,000,000 and/or imprisonment of up to 30 years
Jurisdiction
U.S. Federal Government