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4 CURRENCY TRANSACTIONS OF $10,000 OR MORE.-Sub

5 section (a) of section 5313 of title 31, United States Code

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6 (relating to reports on domestic coins and currency transac7 tions) is amended by striking out “in an amount or denomina

8 tion, or amount and denomination, or under circumstances

9 the Secretary prescribes by regulation" and inserting in lieu

10 thereof “in amounts or denominations of $10,000 or more (or

11 under such other circumstances as the Secretary may pre

12 scribe in regulations)".

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(b) RECORDKEEPING REQUIRED FOR DOMESTIC COIN

14 AND CURRENCY TRANSACTIONS OF $3,000 OR MORE. 15 Subchapter II of chapter 53 of title 31, United States Code

16 (relating to records and reports on monetary instruments 17 transactions) is amended by adding at the end thereof the 18 following new section:

19 “5323. Records on certain domestic coin and currency

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"(1) IN GENERAL.- When a domestic financial in

a

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stitution is involved in a transaction for the payment,

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receipt, or transfer of United States coins or currency

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(or such other monetary instruments as the Secretary

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of the Treasury may by regulations prescribe) in

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amounts or denominations of $3,000 or more, such in

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stitution (and such other person participating in such transaction as such Secretary may prescribe) shall obtain the information described in paragraph (2) with

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respect to such transaction and shall maintain a record

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of such information.

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“(2) INFORMATION REQUIRED TO BE OBTAINED

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FOR RECORD.—The information referred to in paragraph (1) with respect to any transaction described in such paragraph is the information described in the fol

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lowing subparagraphs (to the extent applicable):

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“(C) The identity of any real party in interest who is not directly participating in such trans

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“(b) RETENTION OF RECORDS FOR 5 YEARS. — Any

21 domestic financial institution (or other person) which is re

22 quired, pursuant to subsection (a)(1), to maintain a record of a

23 transaction described in such subsection, shall retain such

24 record for the 5-year period beginning on the date such trans

25 action is completed.

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"(c) CONFIDENTIALITY OF RECORDS; AVAILABILITY

2 FOR LAW ENFORCEMENT, ETC., PURPOSES.

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“(1) RIGHT TO FINANCIAL PRIVACY ACT AP

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PLIES.—Any record of a transaction which is required to be maintained pursuant to subsection (a)(1) shall be

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treated as a financial record of each person identified in

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such report for purposes of the Right to Financial Pri

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If any exception described in section 1113 of the Right to Financial Privacy Act of 1978 applies with respect to any disclosure of any record described in paragraph

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(1), no provision of such Act which would otherwise

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19 ACTIONS REQUIRED.—Subchapter II of chapter 53 of title 20 31, United States Code (as amended by subsection (b)) is

21 amended by adding at the end thereof the following new sec

22 tion:

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1 “8 5324. Identification of parties to certain domestic coin

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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 domes

7 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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“(1) the identity and address of such person;
"(2) the interest of such person in such transac-

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tion; and

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“(3) the identity of any other person for whom such person is acting in connection with such transac

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tion, if applicable.

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"(b) RESPONSIBILITY OF FINANCIAL INSTITUTION.

17 Any domestic financial institution (or other person) which is

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:

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"5323. Records on certain domestic coin and currency transactions. “5324. Identification of parties to certain domestic coin and currency transactions.".

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(e) EFFECTIVE DATE.-The amendments made by this

2 section shall apply with respect to transactions for the pay3 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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