October 26, 1970 Pub. Law 91-508 84 STAT 1123 (b) Reports required under this section shall be filed at such times and places, and may contain such of the following information and any additional information, in such form and in such detail, as the Secretary may require: (1) The legal capacity in which the person filing the report is acting with respect to the monetary instruments transported. (2) The origin, destination, and route of the transportation. (3) Where the monetary instruments are not legally and beneficially owned by the person transporting the same, or are transported for any purpose other than the use in his own behalf of the person transporting the same, the identities of the person from whom the monetary instruments are received, or to whom they are to be delivered, or both. (4) The amounts and types of monetary instruments transported. (c) Subsection (a) does not apply to any common carrier of passengers in respect of monetary instruments in the possession of its passengers, nor to any common carrier of goods in respect of shipments of monetary instruments not declared to be such by the shipper. 8232. Forfeiture (a) Any monetary instruments which are in the process of any transportation with respect to which any report required to be filed under section 231(1) either has not been filed or contains material omissions or misstatements are subject to seizure and forfeiture to the United States. (b) For the purpose of this section, monetary instruments transported by mail, by any common carrier, or by any messenger or bailee, are in process of transportation from the time they are delivered into the possession of the postal service, common carrier, messenger, or bailee until the time they are delivered into or retained in the possession of the addressee or intended recipient or any agent of the addressee or intended recipient for purposes other than further transportation within, or across any border of, the United States. § 233. Civil liability The Secretary may assess a civil penalty upon any person who fails to file any report required under section 231, or who files such a report containing any material omission or misstatement. The amount of the penalty shall not exceed the amount of the monetary instruments with respect to whose transportation the report was required to be filed. The liabilities imposed by this chapter are in addition to any other liabilities, civil or criminal, except that the liability under this section shall be reduced by any amount actually forfeited under section 232. § 234. Remission by the Secretary The Secretary may in his discretion remit any forfeiture or penalty under this chapter in whole or in part upon such terms and conditions as he deems reasonable and just. $235. Enforcement authority (a) If the Secretary has reason to believe that monetary instru- Search ments are in the process of transportation and with respect to which warrant. a report required under section 231 has not been filed or contains material omissions or misstatements, he may apply to any court of competent jurisdiction for a search warrant. Upon a showing of probable cause, the court may issue a warrant authorizing the search of any or all of the following: (1) One or more designated persons. (2) One or more designated or described places or premises. 241. Records and reports required. 242. Classifications and requirements. § 241. Records and reports required (a) The Secretary of the Treasury, having due regard for the need to avoid impeding or controlling the export or import of currency or other monetary instruments and having due regard also for the need to avoid burdening unreasonably persons who legitimately engage in transactions with foreign financial agencies, shall by regulation require any resident or citizen of the United States, or person in the United States and doing business therein, who engages in any transaction or maintains any relationship, directly or indirectly, on behalf of himself or another, with a foreign financial agency to maintain records or to file reports, or both, setting forth such of the following information, in such form and in such detail, as the Secretary may require: (1) The identities and addresses of the parties to the transaction or relationship. (2) The legal capacities in which the parties to the transaction or relationship are acting, and the identities of the real parties in interest if one or more of the parties are not acting solely as principals. (3) A description of the transaction or relationship including the amounts of money, credit, or other property involved. (b) No person required to maintain records under this section shall be required to produce or otherwise disclose the contents of the records except in compliance with a subpena or summons duly authorized and issued or as may otherwise be required by law. 8242. Classifications and requirements The Secretary may prescribe: (1) Any reasonable classification of persons subject to or exempt from any requirement imposed under section 241. (2) The foreign country or countries as to which any requirement imposed under section 241 applies or does not apply if, in the judgment of the Secretary, uniform applicability of any such requirement to all foreign countries is unnecessary or undesirable. (3) The magnitude of transactions subject to any requirement imposed under section 241. (4) Types of transactions subject to or exempt from any requirement imposed under section 241. (5) Such other matters as he may deem necessary to the application of this chapter. TITLE IV-EFFECTIVE DATES 8401. Effective dates (a) Except as otherwise provided in this section, titles I, II, and Ante, pp. 1114, III of this Act and the amendments made thereby take effect on the 1118, 1124. first day of the seventh calendar month which begins after the date of enactment. (b) The Secretary of the Treasury may by regulation provide that Publication in any provision of title I or II or any amendment made thereby shall Federal Register. be effective on any date not earlier than the publication of the regu lation in the Federal Register and not later than the first day of the thirteenth calendar month which begins after the date of enactment. (c) The Board of Governors of the Federal Reserve System may by Publication in regulation provide that the amendment made by title III shall be Federal Register. effective on any date not earlier than the publication of the regulation in the Federal Register and not later than the first day of the thirteenth calendar month which begins after the date of enactment. III. TREASURY DEPARTMENT REGULATIONS ISSUED TO IMPLEMENT TITLES I and II of Public Law 91-508 Chapter I-Monetary Offices, PART 102-INSTRUCTIONS RELATING PART 103-FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN TRANSACTIONS On June 10, 1971, a notice of proposed rule making to implement the provisions of titles I and II of Public Law 91-508 (84 Stat. 1114 et seq.), was published in the FEDERAL REGISTER (36 F.R. 11208 (1971)). In accordance with the notice, interested parties were afforded an opportunity to submit written comments. After consideration of all such relevant matters as were presented by interested parties regarding the rules proposed, the regulations set forth below have been adopted. 103.49 103.50 Criminal penalty. Enforcement authority with respect to transportation of currency or monetary instruments. AUTHORITY: The provisions of this Part 103 issued under sec. 21 of the Federal Deposit Insurance Act, 84 Stat. 1114, 12 U.S.C. 1829b; 84 Stat. 1116, 12 U.S.C. 1951-1959; and the Currency and Foreign Transactions Reporting Act, 84 Stat. 1118, 31 U.S.C. 10511122. Subpart A-Definitions § 103.11 Meaning of terms. When used in this part and in forms prescribed under this part, where not otherwise distinctly expressed or manifestly incompatible with the intent thereof, terms shall have the meanings ascribed in this section. Bank. (a) Each agency, branch or office within the United States of any person doing business in one or more of the capacities listed below: (1) A commercial bank or trust company organized under the laws of any State or of the United States; (2) A private bank; (3) A savings and loan association or a building and loan association organized under the laws of any State or of the United States; (4) An insured institution as defined in section 401 of the National Housing Act; (5) A savings bank, industrial bank or other thrift institution; (6) A credit union organized under the laws of any State or of the United States; and (7) Any other organization chartered under the banking laws of any State and subject to the supervision of the bank supervisory authorities of a State. (b) Each agent, agency, branch or office within the United States of a foreign bank. Broker or dealer in securities. A broker or dealer in securities, registered or required to be registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934. Currency. The coin and currency of the United States or of any other country, which circulate in and are customarily used and accepted as money in the country in which issued. It includes U.S. silver certificates, U.S. notes and Federal Reserve notes, but does not include bank checks or other negotiable instruments not customarily accepted as money. Domestic. When used herein, refers to the doing of business within the United States, and limits the applicability of the provision where it appears to the performance by such institutions or agencies of functions within the United States. Financial institution. Each agency, branch or office within the United States of any person doing business in one or more of the capacities listed below: (1) A bank; (2) A broker or dealer in securities; (3) A person who engages as a business in dealing in or exchanging currency as, for example, a dealer in foreign ex change or a person engaged primarily in the cashing of checks; (4) A person who engages as a business in the issuing, selling or redeeming of travelers' checks, money orders, or similar instruments, except one who does so as a selling agent exclusively or as an incidental part of another business; (5) An operator of a credit card system which issues, or authorizes the issuance of, credit cards that may be used for the acquisition of monetary instruments, goods, or services outside the United States. (6) A licensed transmitter of funds, or other person engaged in the business of transmitting funds abroad for others. Foreign bank. A bank organized under foreign law, or an agency, branch or office located outside the United States of a bank. The term does not include an agent, agency, branch or office within the United States of a bank organized under foreign law. Investment security. An instrument which: (1) Is issued in bearer or registered form; (2) Is of a type commonly dealt in upon securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment; (3) Is either one of a class or series or by its terms is divisible into a class or series of instruments; and (4) Evidences a share, participation or other interest in property or in an enterprise or evidences an obligation of the issuer. Monetary instruments. Coin or currency of the United States or of any other country, travelers' checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments (except warehouse receipts or bills of lading) in bearer form or otherwise in such form that title thereto passes upon delivery. The term does not include bank checks made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements. Person. An individual, a corporation, a partnership, a trust or estate, a joint stock company, an association, a syndicate, joint venture, or other unincorporated organization or group, and all entities cognizable as legal personalities. Secretary. The Secretary of the Treasury or any person duly authorized by the Secretary to perform the function mentioned. Transaction in currency. A transaction involving the physical transfer of currency from one person to another. A transaction which is a transfer of funds by means of bank check, bank draft, wire transfer, or other written order, and which does not include the physical transfer of currency is not a transaction in currency within the meaning of this part. United States. The various States, the District of Columbia, the Commonwealth The Secretary hereby determines that the reports required by this subpart have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. § 103.22 Reports of currency transactions. (a) Each financial institution shall file a report of each deposit, withdrawal, exchange of currency or other payment or transfer, by, through, or to such financial institution, which involves a transaction in currency of more than $10,000.1 (b) Except as otherwise directed in writing by the Secretary, this section shall not (1) require reports of transactions with Federal Reserve Banks or Federal Home Loan Banks; (2) require reports of transactions solely with, or originated by, financial institutions or foreign banks; or (3) require a bank to report transactions with an established customer maintaining a deposit relationship with the bank, in amounts which the bank may reasonably conclude do not exceed amounts commensurate with the customary conduct of the business, industry or profession of the customer concerned. A report listing such customers who engage in transactions which are not reported because of the exemption contained in this paragraph shall be made to the Secretary upon demand therefor made by him. § 103.23 Reports of transportation of currency or monetary instruments. (a) Each person who physically transports, mails, or ships, or causes to be physically transported, mailed or shipped, currency or other monetary instruments in an aggregate amount exceeding $5,000 on any one occasion from the United States to any place outside the United States, or into the United States from any place outside the United States, shall make a report thereof. A person is deemed to have caused such transportation, mailing or shipping when he aids, abets, counsels, commands, procures or requests it to be done by a financial institution or any other person. A transfer of funds through normal banking procedures which does not involve the physical transportation of currency or monetary instruments is not required to be reported by this section. (b) Each person who receives in the United States currency or other monetary instruments in an aggregate amount exceeding $5,000 on any one occasion which have been transported, mailed, or shipped to such person from any place outside the United States with respect to Forms filed as part of the original docu2 Forms filed as part of the original document. ment. |