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1 SEC. 2. MONETARY TRANSACTION RECORDKEEPING AND RE

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PORTING AMENDMENTS.

(a) REPORT REQUIRED FOR DOMESTIC COIN AND

4 CURRENCY TRANSACTIONS OF $10,000 OR MORE.-Sub5 section (a) of section 5313 of title 31, United States Code 6 (relating to reports on domestic coins and currency transac7 tions) is amended by striking out "in an amount or denomina8 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 pre12 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 Ҥ 5323. Records on certain domestic coin and currency

transactions

"(a) RECORDS REQUIRED.

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

stitution is involved in a transaction for the payment,

receipt, or transfer of United States coins or currency (or such other monetary instruments as the Secretary

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 respect to such transaction and shall maintain a record

of such information.

"(2) INFORMATION REQUIRED TO BE OBTAINED FOR RECORD.—The information referred to in paragraph (1) with respect to any transaction described in such paragraph is the information described in the following subparagraphs (to the extent applicable):

"(A) The identity and address of each person participating in such transaction.

"(B) The legal capacity in which any such person is acting with respect to such transaction. "(C) The identity of any real party in interest who is not directly participating in such transaction.

"(D) A description of the transaction.

"(b) RETENTION OF RECORDS FOR 5 YEARS.-Any

21 domestic financial institution (or other person) which is re22 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 trans25 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

PLIES. Any record of a transaction which is required

to be maintained pursuant to subsection (a)(1) shall be treated as a financial record of each person identified in such report for purposes of the Right to Financial Privacy Act of 1978.

"(2) NOTICE TO PARTICIPANT IN TRANSACTION

NOT REQUIRED UNDER CERTAIN CIRCUMSTANCES.

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

require that notice of such disclosure be provided to

any person identified in such record shall apply with respect to such disclosure.".

18 (c) IDENTIFICATION OF PARTIES TO CERTAIN TRANS19 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 sec22 tion:

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

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

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

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

"(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.".

1 (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.