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section 123 (b) of this Act have a high degree of usefulness in 2 criminal, tax, and regulatory investigations and proceedings. 3 The Congress further finds that the power to require reports 4 of changes in the ownership, control, and management of 5 types of financial institutions referred to in section 122 of this
6 Act may be necessary
for the same purpose.
7 (b) It is the purpose of this chapter to require the main8 tenance of appropriate types of records and the making of 9 appropriate reports by such businesses where such records or
10 reports may have a high degree of usefulness in criminal, tax,
The Secretary may by regulation require any type of 14 uninsured bank or uninsured institution to make such reports
as the Secretary may require in respect of its ownership, con
16 trol, and management and any changes therein.
17 Sec. 123. Maintenance of records and evidence
(a) The Secretary may by regulation require any un
19 insured bank or uninsured institution or any person engaging
20 in the business of carrying on any of the functions referred
21 to in subsection (b) of this section
(1) to require, retain, or maintain, with respect to its functions as an uninsured bank or uninsured insti
tution 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 In
surance Act to require insured banks to require, retain,
(2) to maintain procedures to assure compliance with 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.
(b) The authority of the Secretary under this section 11 extends to any person engaging in the business of carrying 12
on any of the following functions: 13
(1) Issuing travelers' checks.
(2) Issuing or redeeming checks, money orders,
travelers' checks, or similar instruments otherwise than
as an incident to the conduct of its own nonfinancial
(3) Transferring or transmitting funds or credits domestically or internationally.
(4) Operating a currency exchange or otherwise dealing in foreign currencies or credits.
(5) Operating a credit card system.
(6) Performing such similar, related, or substitute functions for any of the foregoing or for banking as may be specified by the Secretary in regulations.
1 Sec. 124. Injunctions
2 Whenever it appears to the Secretary that any person 3 has engaged, is engaged, or is about to engage in any acts or 4 practices constituting a violation of any regulation under 5 this chapter, he may in his discretion bring an action, in the 6 proper
district court of the United States or the proper 7 United States court of any territory or other place subject 8 to the jurisdiction of the United States, to enjoin such acts 9
or practices, and upon a proper showing a permanent or tem
porary injunction or restraining order shall be granted with11
out bond. Upon application of the Secretary, any such court 12
may also issue mandatory injunctions commanding any per13
son to comply with any regulation of the Secretary under 14 this chapter. 15 Sec. 125. Civil penalties 16
(a) For each willful violation of any regulation under 17 this chapter, the Secretary may assess upon any financial 18 institution to which the regulation applies, and upon any
partner, director, officer, or employee thereof who willfully participates in the violation, a civil penalty not exceeding
(b) In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be
brought in the name of the United States.
2 Whoever willfully violates any regulation under this 3 chapter shall be fincd not more than $1,000 or imprisoned not
4 more than one year, or both.
5 Sec. 127. Additional criminal penalty in certain cases
6 Whoever willfully violates any regulation under this 7 chapter, section 21 of the Federal Deposit Insurance Act, 8 or section 411 of the National Housing Act, where the viola9 tion is knowingly committed in furtherance of the commis10 sion of any violation of Federal law punishable by imprison11 ment for more than one year shall be fined not more than 12 $10,000 or imprisoned not more than five years, or both. 13 TITLE II—REPORTS OF CURRENCY AND
Sec. 1. GENERAL PROVISIONS..
201 2. DOMESTIC CURRENCY TRANSACTIONS.
221 3. REPORTS OF EXPORTS AND IMPORTS OF MONETARY INSTRUMENTS----- 231 4. FOREIGN TRANSACTIONS
CHAPTER 1-GENERAL PROVISIONS
1 Sec. 201. Short title
This title may be cited as the Currency and Foreign
3 Transactions Reporting Act.
4 Sec. 202. Purposes
The purposes of this title are (1) to facilitate the super6 vision of financial institutions properly subject to Federal 7 supervision, (2) to aid duly constituted authorities in lawful 8 investigations, and (3) to provide for the collection of sta9 tistics necessary for the formulation of monetary and economic
11 Sec. 203. Definitions and rules of construction
(a) The definitions and rules of construction set forth 13 in this section apply for the purposes of this title. 14
(b) The term “Secretary” means the Secretary of the 15 Treasury 16 (c) The term “person” includes natural persons, part17 nerships, trusts, estates, associations, corporations, and all 18 entities cognizable as legal personalities. The term also in19 cludes any governmental department or agency specified by 20 the Secretary either for the purpose of this title generally or
(d) The term “United States”, used in a geographical
sense, includes the States and the District of Columbia, and