Lapas attēli

bank in the United States to handle the item.

" (e)

Whenever any individual engages directly

(whether as principal, agent, or bailee) in any transaction

with an insured bank which is required to be reported under

the Currency and Foreign Transactions Reporting Act, the

bank shall require and retain such evidence of the identity

of that individual as the Secretary may prescribe as appro

priate under the circumstances; provided, however, that no

additional records need be made or retained under this sub

section, if the required identification is otherwise available

in the records of the bank.


In addition-to-or-in lieu of the records

and evidence otherwise referred to in this section, each

insured bank shall maintain such records and evidence as the

Secretary may prescribe to carry out the purposes of this


" (g)

Any type of record or evidence required under

this section shall be retained for such period not exceeding

six years as the Secretary may prescribe for the type in


" (h)

The Secretary shall make an annual report to

the Congress of his implementation of the authority conferred

by this section and any similar authority with respect to

recordkeeping or reporting requirements conferred by other

provisions of law."

S 102.

Retention of records by insured institutions

Title IV of the National Housing Act is amended by

adding at the end thereof the following new section:

"Sec. 411.

The Secretary of the Treasury shall

prescribe such regulations as may be appropriate to carry out, with respect to insured institutions, the purposes set forth

in section 21 of the Federal Deposit Insurance Act with re

spect to insured banks."

Chapter 2.



121. Congressional findings and purpose.
1230-Gwership and controt.-
123. Authority of Secretary.
124. Injunctions.
125. Civil penalties.
126. Criminal penalty.
127. Additional criminal penalty in certain cases.

S 121.

Congressional findings and purpose


The Congress fines that adequate records main

tained by businesses engaged in the functions described in

section 123 (b) of this Act have a high degree of usefulness

in criminal, tax, and regulatory investigations and proceed

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reports-of-changes-in-the-ownershipz-contro 7-and-management of-types-of-finaneiat-institutions-referred-to-in-seetion-122 of-this-Aet-may-be-necessary-for-the-same-purpose.


It is the purpose of this chapter to require

the maintenance of appropriate types of records and the making

of appropriate reports by the United States offices of such


where such records or reports relate to


performed within the United States and may have a high degree

of usefulness in criminal, tax, or regulatory investigations

or proceedings relating to United States laws or regulations.


Phe-Seeretary-may-by-regutation-require-any-type-of uninsured-bank-or-uninsured-institution-to-make-gueh-reports



S 123.

Authority of Secretary


The Secretary may by regulation require the

United States office of any uninsured bank, trust company,

savings bank, savings and loan association, building and loan

association, credit union or-uninsured-institution-or and any per

son engaging in the United States in the business of carrying on


The authorization to the Secretary to require ownership and control reports of uninsured banks or uninsured institutions is totally unrelated to the purposes of the Bill and should be eliminated.

any of the functions referred to in subsection (b) of this

section (referred to in this chapter as an "uninsured

institution") -


to require, retain, or maintain, with

respect to its functions as an aninsaree-bank-or
uninsured institution or its functions referred to
in subsection (b), any records or evidence of any
type which the Secretary is authorized under section
21 of the Federal Deposit Insurance Act to require

insured banks to require, retain, or maintaint and.

*427--to-maintain-precedures-to-assure-comptianee-with-requirements-imposed-under-this-chapter: For the purposes of any civil or criminal penalty,

a separate violation of any requirement under this

paragraph occurs with respect to each day and each

separate office, branch, or place of business in

which the violation occurs or continues.


The authority of the Secretary under this

section extends to any person engaging in the business of carrying on any of the following functions:


Issuing or redeeming checks or travelers'

checks for third parties, except as

an incident to

This sentence would permit the Secretary to require standardization of business practices in any way he might please without regard to efficiency or individual needs.

the conduct of its own business.

(2) Transferring funds or credits domestically or internationally.

(3) Operating a currency exchange or otherwise dealing in foreign currencies or credits.

(4) Operating a credit card system.

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Whenever it appears to the Secretary that any person har engaged, to engaged, or is about to engage in any acts or practices constituting a violation of any regulation under this chapter, he may in his discretion bring an action, in the proper district court of the United States or the proper United states court of any territory or other place subject to the jurisdiction of the United States, to enjoin such acts ost practices, and upon a proper showing a permanent or temporary injunction of restraining order shall be granted without bond. Upon application of the Secretary, any such court may also i.goue mandatory Injunctions commanding any person to comply with any regulation of the Secretary under this chapter.

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*5 125. Civil penalties


For each willful violation of any regulation under

this chapter, the Secretary may assess upon any person to

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$4ctions 125, 126 and 127 together with section 123 (a) (2), constitute an unusually harsh system of penalties.

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