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1 "§ 5324. Identification of parties to certain domestic coin

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and currency transactions

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"(a) IN GENERAL.-Each person participating in a 4 transaction with respect to which a report is required to be 5 filed pursuant to section 5313 or a record is required to be 6 maintained pursuant to section 5323 shall provide the domes7 tic financial institution or other person required to file such 8 report or maintain such record with complete and accurate 9 information with regard to

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"(3) the identity of any other person for whom such person is acting in connection with such transaction, if applicable.

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"(b) RESPONSIBILITY OF FINANCIAL INSTITUTION. 17 Any domestic financial institution (or other person) which 18 required to file a report pursuant to section 5313 or maintain 19 a record pursuant to section 5323 shall take such actions as 20 the Secretary of the Treasury shall prescribe by regulations 21 to ascertain the identity of each party to the transaction with 22 respect to which such report or record is required.”.

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(d) CLERICAL AMENDMENTS.-The table of sections for 24 chapter 53 of title 31, United States Code, is amended by

25 inserting after the item relating to section 5322 the following 26 new items:

"(1) the identity and address of such person;

"(2) the interest of such person in such transaction; and

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"5323. Records on certain domestic coin and currency transactions.

"5324. Identification of parties to certain domestic coin and currency transactions.".

(e) EFFECTIVE DATE.-The amendments made by this 2 section shall apply with respect to transactions for the pay

3 ment, receipt, or transfer of United States coins or currency 4 completed after the end of the 3-month period beginning on 5 the date of the enactment of this Act.

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60-672 0 86 - 3

99TH CONGRESS 2D SESSION

H. R. 4573

Entitled: the "Money Laundering Prevention Act of 1986".

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IN THE HOUSE OF REPRESENTATIVES

APRIL 15, 1986

Mr. PICKLE (for himself and Mr. SCHULZE) introduced the following bill; which was referred jointly to the Committees on Banking, Finance and Urban Affairs and Ways and Means

A BILL

Entitled: the "Money Laundering Prevention Act of 1986".

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 3 That the Bank Secrecy Act (31 U.S.C. 5311 et seq.) is 4 amended as follows:

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SECTION 1. Section 5313 of title 31 of the United 6 States Code is amended by adding to the end of subsection (a) 7 a sentence which reads as follows: "No person shall cause or 8 attempt to cause a domestic financial institution to fail to file 9 a report required by this subsection, shall cause or attempt to 10 cause a domestic financial institution to file a report required 11 by this subsection that contains a material omission or mis

1 statement of fact, or shall structure or assist in structuring a 2 transaction for the purpose of evading the reporting require3 ments of this subsection.".

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SEC. 2. Section 5317 of title 31 of the United States

5 Code is amended by

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7 31 of the United States Code to read as follows:

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"(c) A monetary instrument being transported, or which 9 has been transported, or any interest in any property, includ10 ing any deposit in a financial institution, traceable to such 11 instrument, may be seized and forfeited to the United States 12 Government when a report on the instrument under section 13 5316 of this title has not been filed or contains a material 14 omission or misstatement.".

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(1) revising the first sentence of section 5317(c) of title

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(2) adding a new subsection (d) which reads as follows: "(d) United States coin or currency (or other such mone17 tary instrument as the Secretary may prescribe) or any inter18 est in other property, including any deposit in a financial in19 stitution, traceable to such coin or currency involved in a 20 transaction or attempted transaction in violation of section 21 5313(a) of this chapter may be seized and forfeited to the 22 United States Government under the procedures of subchap23 ter C of chapter 75 of title 26 of the United States Code 24 whenever a person (excluding a domestic financial institution 25 examined by a Federal bank supervisory agency or a finan

HR 4573 IN

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1 cial institution regulated by the Securities and Exchange 2 Commission liable under subsection 5312(a) of this chapter) 3 violates section 5313(a) of this chapter. No property or inter4 est in property shall be forfeited under this subsection if it can 5 be established that the owner is a bona fide purchaser for 6 value who took without notice of the violation or if the 7 violation or attempted violation of section 5313(a) was not 8 willful.".

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10 Code is amended by

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SEC. 3. Section 5321 of title 31 of the United States

to read as follows:

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"(a)(4) The Secretary may impose a civil penalty on a 14 person or persons (excluding a domestic financial institution 15 examined by a Federal bank supervisory agency or a finan16 cial institution regulated by the Securities and Exchange 17 Commission) willfully violating section 5313(a) of this chap18 ter. A civil penalty under this paragraph may not be more 19 than the amount of the United States coins and currency (or 20 other monetary instruments the Secretary may prescribe) for 21 which a report was required under section 5313(a) of this 22 chapter. A civil penalty under this paragraph is reduced by 23 an amount forfeited under section 5317(d) of this title.".

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(2) deleting "or (2)" from subsection (b) and

adding in lieu thereof ", (2) or (4)”.

HR 4573 H

(1) adding to subsection (a) a new paragraph (4)

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