18 1 an aggregate amount exceeding $10,000 in any one calendar 2 year shall file a report or reports in accordance with sub 3 section (b) of this section. 4 (b) Reports required under this section shall be filed at 5 such times and places, and contain such of the following in6 formation, in such form and in such detail, as the Secretary may require: 7 8 (1) The legal capacity in which the person filing the 9 report is acting with respect to the monetary instruments 10 11 transported. 12 tion. 13 (2) The origin, destination, and route of the transporta (3) Where the monetary instruments are not legally 14 and beneficially owned by the person transporting the same, or is transported for any purpose other than the use in his 15 16 17 own behalf of the person transporting the same, the identities of the person from whom the monetary instruments are re18 ceived, 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. 19 1 § 232. Forfeiture 2 (a) Any monetary instruments which are in the process 3 of any transportation with respect to which any report 4 required to be filed under section 231 (1) either has not 5 been filed or contains material omissions or misstatements 6 7 9 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 10 from the time they are delivered into the possession of the 11 postal service, common carrier, messenger, or bailee until 12 the time they are delivered into or retained in the possession 13 of the addressee or intended recipient or any agent of the 14 addressee or intended recipient for purposes other than further transportation within, or across any border of, the United 15 16 States. 17 18 19 § 233. Civil liability The Secretary may assess a civil penalty upon any per son who fails to file any report required under section 231, or 20 who files such a report containing any material omission or 222 21 23 24 25 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 20 1 section shall be reduced by any amount actually forfeited 2 under section 232. 3 § 234. Remission by the Secretary 4 5 The Secretary may in his discretion remit any forfeiture or penalty under this chapter in whole or in part upon such 6 terms and conditions as he deems reasonable and just. 7 Sec. Chapter 4.-FOREIGN TRANSACTIONS 241. Records and reports required. 242. Classification and requirements. 8 § 241. Records and reports required 9 The Secretary of the Treasury shall by regulation re10 quire any resident or citizen of the United States, or person 11 in the United States and doing business therein, who en12 gages in any transaction or maintains any relationship, di13 rectly or indirectly, on behalf of himself or another, with a 14 foreign financial agency to maintain records or to file re15 ports, or both, setting forth such of the following information, 16 in such form and in such detail, as the Secretary may require: 17 (1) The identities and addresses of the parties to the 18 transaction or relationship. 19 (2) The legal capacities in which the parties to the 20 transaction or relationship are acting, and the identities of 21 the real parties in interest if one or more of the parties are 22 not acting solely as principals. 23 (3) A description of the transaction or relationship in 21 1 cluding the amounts of money, credit, or other property 2 involved. 3 § 242. Classification and requirements 4 5 6 7 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 8 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 11 is unnecessary or undesirable. 9 10 12 13 14 15 16 (3) The form, frequency, and manner of filing of any reports required under section 241. (4) The magnitude of transactions subject to any requirement imposed under section 241. (5) Types of transactions subject to or exempt from any 17 requirement imposed under section 241. (6) Such other matters as he may deem necessary to the application of this chapter. TITLE III-MARGIN REQUIREMENTS § 301. Amendment of section 7(a) of the Securities Ex change Act of 1934 (a) Section 7 (a) of the Securities Exchange Act of 1934 (15 U.S.C. 78g (a)) is amended by striking the first sentence and inserting in lieu thereof the following: "For the 22 1 purpose of preventing the excessive use of credit for the pur2 chase or carrying of securities, the Board of Governors of the 3 Federal Reserve System shall from time to time prescribe 4 rules and regulations in accordance with this section. These 5 rules and regulations shall apply with respect to the amount 6 of credit (regardless of who or where the lender may be) 7 that any person may initially obtain and subsequently retain 8 on any security (other than exempted security), and to the 9 amount of credit (regardless of who or where the borrower 10 may be) that any person may initially extend and subse11 quently maintain on any security (other than an exempted 12 security). It shall be unlawful for any person knowingly to 13 obtain or retain credit in any amount in violation of any rule or regulation under this section, and it shall be unlawful for 14 15 any person, whether or not knowingly, to obtain or retain 16 credit in an aggregate amount exceeding $1,000,000 at any 17 one time in violation of any rule or regulation under this 18 section." 19 (b) The amendment made by subsection (a) of this 20 section does not affect the continuing validity of any rule 21 or regulation under section 7 of the Securities Exchange Act 22 of 1934 in effect prior to the effective date of the amendment. |