3 1 "(d) Each insured bank shall make, to the extent that 2 the regulations of the Secretary so require— 3 4 5 6 7 8 9 10 11 121 "(1) a photocopy or other copy of each check, draft, or similar instrument drawn on it and presented to it for payment; and "(2) a record of each check, draft, or similar instrument received by it for deposit or collection, together with an identification of the party for whose account it is to be deposited or collected, unless the bank has already made a record of the party's identity pursuant to subsection (c). "(e) Whenever any individual engages (whether as 13 principal, agent, or bailee) in any transaction with an in 14 sured bank which is required to be reported under the Cur 15 rency and Foreign Transactions Reporting Act, the bank 16 shall require and retain such evidence of the identity of that 17 individual as the Secretary may prescribe as appropriate 18 under the circumstances. 19 “(f) In addition to or in lieu of the records and evi20 dence otherwise referred to in this section, each insured bank 21 shall maintain such records and evidence as the Secretary 22 23 may prescribe to carry out the purposes of this section. "(g) Any type of record or evidence required under 24 this section shall be retained for such period as the Secretary 25 may prescribe for the type in question. 4 1 "(h) The Secretary shall make an annual report to the 2 Congress of his implementation of the authority conferred by 3 this section and any similar authority with respect to record4 keeping or reporting requirements conferred by other provi5 sions of law." 6 § 102. Retention of records by insured institutions 7 Title IV of the National Housing Act is amended by 8 adding at the end thereof the following new section: 9 "SEC. 411. The Secretary of the Treasury shall pre10 scribe such regulations as may be appropriate to carry out, with respect to insured institutions, the purposes set forth in 12 section 21 of the Federal Deposit Insurance Act with re13 spect to insured banks." 16 (a) The Congress finds that adequate records main17 tained by businesses engaged in the functions described in sec18 tion 123 (b) of this Act have a high degree of usefulness in 19 criminal, tax, and regulatory investigations and proceedings. 20 The Congress further finds that the power to require reports 21 of changes in the ownership, control, and management of 1 types of financial institutions referred to in section 122 of 2 this Act may be necessary for the same purpose. 3 (b) It is the purpose of this chapter to require the main tenance of appropriate types of records and the making of 5 appropriate reports by such businesses where such records or 6 7 reports may have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. 8 § 122. Ownership and control 9 The Secretary may by regulation require any type of 10 uninsured bank or uninsured institution to make such reports 11 as the Secretary may require in respect of its ownership, con 12 trol, and management and any changes therein. 13 § 123. Authority of Secretary 14 (a) The Secretary may by regulation require any 15 uninsured bank or uninsured institution or any person engag ing in the business of carrying on any of the functions referred to in subsection (b) of this section (1) to require, retain, or maintain, with respect to its functions as an uninsured bank or uninsured institu tion 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 maintain; and (2) to maintain procedures to assure compliance 6 1 2 3 4 5 6 7 with requirements imposed under this chapter. For the purposes of any civil or criminal penalty, a separate violation of any requirement under this paragraph oc curs 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 8 extends to any person engaging in the business of carrying 9 10 11 12 13 on any of the following functions: (1) Issuing or redeeming checks or travelers' checks for third parties, except as an incident to the conduct of its own business. (2) Transferring funds or credits domestically or inter14 nationally. 15 (3) Operating a currency exchange or otherwise dealing 16 in foreign currencies or credits. 19 Whenever it appears to the Secretary that any person 20 has engaged, is 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 7 1 or practices, and upon a proper showing a permanent or 2 temporary injunction or restraining order shall be granted 3 without bond. Upon application of the Secretary, any such 4 court may also issue mandatory injunctions commanding 5 any person to comply with any regulation of the Secretary 6 under this chapter. 7 § 125. Civil penalties 8 (a) For each willful violation of any regulation under this chapter, the Secretary may assess upon any person to 10 which the regulation applies, and, if such person is a partner11 ship, corporation, or other entity, upon any partner, director, 12 officer, or employee thereof who willfully participates in 13 the violation, a civil penalty not exceeding $1,000. 14 15 (b) In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the 16 recovery thereof may, in the discretion of the Secretary, be 17 brought in the name of the United States. 18 § 126. Criminal penalty 19 Whoever willfully violates any regulation under this 20 chapter shall be fined not more than $1,000 or imprisoned 21 not more than one year, or both. 223 § 127. Additional criminal penalty in certain cases Whoever willfully violates any regulation under this 24 chapter, section 21 of the Federal Deposit Insurance Act, 25 or section 411 of the National Housing Act, where the vio |