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gations, and (3) to prevent the premature destruction of certain types of evidence having a high degree of usefulness in the establishment of civil and criminal liabilities.

"(b) The Secretary of the Treasury (referred to in this section as the 'Secretary') shall prescribe such regulations as he may deem appropriate to carry out the purposes of this section.

"(c) Each insured bank shall maintain such records and other evidence as the Secretary may require of the identity of each person having an account with the bank and of each individual authorized to sign checks, make withdrawals, or otherwise act with respect to any such account.

"(d) Each insured bank shall make, in accordance with the regulations of the Secretary,

(1) a photocopy or other copy of each check, draft, or similar instrument drawn on it and presented to it for payment.

"(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.

"(e) Whenever any individual engages (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 appropriate under the circumstances.

"(f) In addition to or in lieu of the records and evidence otherwise referred to in this section, each insured bank shall maintain such additional records and evidence as the Secretary may prescribe to carry out the purposes of this section. “(g) Any type of record or other evidence required under this section shall be retained for such period as the Secretary may prescribe for the type in question." CHAPTER 2-UNINSURED BANKS

Sec.

121. Congressional findings.

122. Authority of Secretary.

123. Injunctions.

124. Civil penalties.

125. Criminal penalty.

126. Additional criminal penalty in certain cases.

Sec. 121. Congressional findings

The Congress makes the following findings:

(1) Banks not insured by the Federal Deposit Insurance Corporation (referred to in this chapter as "uninsured banks') constitute a legally significant component of the banking industry in the United States.

(2) Uninsured banks make use of the means and instrumentalities of interstate commerce and directly affect such commerce.

(3) The regulation by the Federal Government of the banking industry is necessary and proper in order to carry into execution the power of Congress to regulate the value of money.

(4) In order to effectively regulate the banking industry' and to effectuate the purposes set forth in section 21 of the Federal Deposit Insurance Act, it is necessary and proper to confer upon the Secretary of the Treasury the authority to impose recordkeeping requirements on uninsured banks as provided in section 122 of this chapter.

Sec. 122. Authority of Secretary

The Secretary may by regulation require any type of uninsured commercial bank, trust company, or savings bank:

(1) To make such reports as the Secretary may require in respect of its ownership, control, and management and any changes therein.

(2) To require, retain, or maintain any records or other 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.

(3) To permit the Secretary to have access to and to obtain copies of any material referred to in paragraph (2) of this section.

(4) 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.

Sec. 123. Injunctions

Whenever it appears to the Secretary that any person 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 or practices, and upon a proper showing a premanent or temporary injunction or restraining order shall be granted without bond. Upon application of the Secretary, any such court may also issue mandatory injunctions commanding any person to comply with any regulation of the Secretary under this chapter. Sec. 124. Civil penalties

(a) For each willful violation of any regulation under this chapter, the Secretary may assess upon any 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 $1,000.

(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.

Sec. 125. Criminal penalty

Whoever willfully violates any regulation under this chapter shall be fined not more than $1,000 or imprisoned not more than one year, or both.

Sec. 126. Additional criminal penalty in certain cases

Whoever willfully violates any regulation under this chapter or section 21 of the Federal Deposit Insurance Act where the violation is committed in furtherance of the commission of any violation of Federal law punishable by imprisonment for more than one year shall be fined not more than $10,000 or imprisoned not more than five years, or both.

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3. DISCLOSURE OF EXPORTS AND IMPORTS OF CURRENCY AND COIN.. 4. DISCLOSURE OF CERTAIN FOREIGN TRANSACTIONS_

231 241

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This title may be cited as the Currency and Foreign Transactions Reporting Act.

Sec. 202. Purposes

The purposes of this title are (1) to facilitate the supervision of financial institutions properly subject to Federal supervision, (2) to aid duly constituted authorities in lawful investigations, and (3) to provide for the collection of statistics necessary for the formulation of monetary and economic policy.

Sec. 203. Definitions and rules of construction

(a) The definitions and rules of construction set forth in this section apply for the purposes of this title.

(b) The term "Secretary" means the Secretary of the Treasury.

(c) The term "individual" means a natural person.

(d) The term "person" includes individuals, partnerships, trusts, estates, associations, corporations, and all other entities cognizable as legal personalities.

(e) The term "financial institution" means any person which does business in any one or more of the following capacities:

(1) an insured bank as defined in section 3 of the Federal Deposit Insurance Act.

(2) a commercial bank.

(3) a private banker.

(4) a trust company.

(5) an insured institution as defined in section 401 of the National Housing Act.

(6) a savings bank, building and loan association, or other thrift institution. (7) a broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934.

(8) a broker or dealer in securities or commodities.

(9) an investment banker.

(10) a currency exchange.

(11) an issuer or redeemer of checks, money orders, or similar instruments. (f) The term "domestic financial institution" means any person which does business as a financial institution in any place subject to the jurisdiction of the United States.

(g) The term "financial agency" means any person which acts in the capacity of a financial institution or in the capacity of a bailee, depository, trustee, agent, or in any other similar capacity with respect to money, credit, securities, or gold, or transactions therein, on behalf of any person other than a government, a monetary or financial authority when acting as such, or an international financial institution of which the United States is a member.

(h) The term "foreign financial agency" means any financial agency which transacts any business as such at any place not subject to the jurisdiction of the United States.

(i) References to this title or any provision thereof include regulations issued under this title or the provision thereof in question.

(j) All reports required under this title and all records of any such reports are specifically exempted from disclosure under section 552 of title 5, United States Code.

(k) For the purposes of section 1001 of title 18, United States Code, the contents of reports required under any provision of this title are statements and representations in matters within the jurisdiction of an agency of the United States.

Sec. 204. Regulations

The Secretary shall prescribe such regulations as he may deem appropriate to carry out the purposes of this title.

Sec. 205. Compliance procedures

The Secretary may by regulation require any class of domestic financial institutions to maintain such procedures as he may deem appropriate to assure compliance with the provisions of this title. For the purposes of both civil and criminal penalities for violations of this section, a separate violation shall be deemed to occur with respect to each day and each separate office, branch, or place of business in which the violation occurs or continues.

Sec. 206. Exemptions

The Secretary may, under such conditions as he may deem appropriate, by regulation, order, licensing, or otherwise, exempt any person from compliance with any one or more of the requirements imposed under this title.

Sec. 207. Civil penalty

(a) For each willful violation of this title, the Secretary may assess upon any domestic financial institution, and upon any partner, director, officer, or employee thereof who willfully participates in the violation, a civil penalty not exceeding $1,000.

(b) In the event of the failure of any person to pay any penalty assessed under this title, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.

Sec. 208. Injunctions

Whenever it appears to the Secretary that any person has engaged, is engaged or is about to engage in any acts or practices constituting a violation of the provisions of this title, or of any order thereunder, 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 or practices, and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond. Upon application of the Secretary, any such court may also issue mandatory injunctions commanding any person to comply with the provisions of this title or any order of the Secretary made in pursuance thereof.

Sec. 209. Criminal penalty

Whoever willfully violates any provision of this title or any regulation under this title shall be fined not more than $1,000, or imprisoned not more than one year, or both.

Sec. 210. Additional criminal penalty in certain cases

Whoever willfully vilolates any provision of this title where the violation is (1) committed in furtherance of the commission of any other violation of Federal law, or

(2) committed as part of a pattern of illegal activity involving transactions exceeding $100,000 in any twelve month period. shall be fined not more than $500,000 or imprisoned not more than five years, or both.

Sec. 211. Immunity of witnesses

Whenever in the judgment of a United States attorney the testimony of any witness, or the production of books papers, or other evidence by any witness in any case or proceeding before any grand jury or court of the United States involving any violation of this title is necessary to the public interest, he, upon the approval of the Attorney General or his designated representative, may make application to the court that the witness be instructed to testify or produce evidence subject to the provisions of this section. Upon order of the court the witness shall not be excused from testifying or from producing books, papers, or other evidence on the ground that the testimony or evidence required of him may tend to incriminate him or subject him to a penalty or forfeiture. But no such witness may be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which he is compelled, after having claimed his privilege against self-incrimination, to testify or produce evidence, nor may testimony so compelled be used as evidence in any criminal proceeding against him in any court, except a prosecution for perjury or contempt committed while giving testimony or producing evidence under compulsion as provided in this section.

Sec.

CHAPTER 2-DOMESTIC CURRENCY TRANSACTIONS

221. Reports of currency transactions required.

222. Persons required to file reports.

223. Reporting procedure.

Sec. 221. Reports of currency transactions required

Every transaction involving any domestic financial institution shall be reported to the Secretary at such time, in such manner, and in such detail as the Secretary may require if the transaction involves the payment, receipt, or transfer of United States currency in such amounts, denominations, or both, or under such circumstances, as the Secretary shall be regulation prescribe.

Sec. 222. Persons required to file reports

Any transaction required to be reported under this chapter shall be reported both by the domestic financial institution involved and by one or more of the other parties thereto or participants therein, as the Secretary may require. If any party to or participant in the transaction is not an individual acting only for himself, the report shall identify the person or persons on whose behalf the transaction is entered into, and shall be made by the individuals acting as agents or bailees with respect thereto.

Sec. 223. Reporting procedure

(a) The Secretary may in his discretion designate domestic financial institutions, individually or by class, as agents of the United States to receive reports required under this chapter, except that an institution which is not insured, chartered, examined, or registered as such by any agency of the United States may not be so designated without its consent. The Secretary may suspend or revoke any such designation for any violation of this Act or section 21 of the Federal Deposit Insurance Act.

(b) Any person (other than an institution designated under subsection (a)) required to file a report under this chapter with respect to a transaction with a domestic financial institution shall file the report with that institution, except that, if the institution is not designated under subsection (a), the report shall be filed as the Secretary shall prescribe. Domestic financial institutions designated under subsection (a) shall transmit reports filed with them, and shall file their own reports, as the Secretary shall prescribe.

Sec.

CHAPTER 3-DISCLOSURE OF EXPORTS AND IMPORTS OF

231. Reports required.

232. Forfeiture.

233. Civil liability.

CURRENCY AND COIN

234. Remission by the Secretary.

Sec. 231. Reports required

(a) Except as provided in subsection (c) of this section, whoever, whether as principal, agent, or bailee, or by an agent or bailee, knowingly

(1) transports or causes to be transported currency or coin of the United States

(A) from any place subject to the jurisdiction of the United States to or through any place not subject to the jurisdiction of the United States, or

(B) to any place subject to the jurisdiction of the United States from or through any place not subject to the jurisdiction of the United States,

or

(2) receives currency or coin of the United States at the termination of its transportation to any place subject to the jurisdiction of the United States from or through any place not subject to the jurisdiction of the United States in an amount exceeding $5,000 on any one occasion or in an aggregate amount exceeding $10,000 in any one calendar year shall file a report or reports in accordance with subsection (b) of this section.

(b) Reports required under this section shall be filed at such times and places, and contain such of the following information, in such form and in such detail, as the Secretary may require:

(1) The legal capacity in which the person filing the report is acting with respect to the currency or coin transported.

(2) The origin, destination, and route of the transportation.

(3) Where the currency or coin is not legally and beneficially owned by the person transporting the same, or is transported for any purpose other than the use in his own behalf of the person transporting the same, the identities of the person from whom the currency or coin is received, or to whom it is to be delivered, or both.

(4) The amounts and types of currency and coin transported.

(c) Subsection (a) does not apply to any common carrier of passengers in respect of coin or currency in the possession of its passengers, nor to any common carrier of goods in respect of shipments of coin or currency not declared to be such by the shipper.

Sec. 232. Forfeiture

(a) Any coin or currency which is in the process of any transportation with respect to which any report required to be filed under section 231(1) either has not been filed or contains material omissions or misstatements is subject to seizure and forfeiture to the United States.

(b) For the purpose of this section, coin or currency transported by mail, by any common carrier, or by any messenger or bailee, is in process of transportation from the time it is delivered into the possession of the postal service, common carrier, messenger, or bailee until the time it is delivered into or retained in the

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