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$ 101.3

Title 31-Money and Finance: Treasury

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N 101.3 Petitions reviewed by Assistant 8101.7 Exceptions.
Secretary, Enforcernent. Operations.

The provisions of this part shall not
Tarilt Affairs.

apply where the cost of smelting the (n) The Assistant Secretary will re- gold coins exceeds the value of the ceive and review all pctitions for miti. gold bullion to be returned. gation of the forfeiture of counterfeit gold coins. He shall conduct such sur.

$ 101.8 Discretion of the Secretary. ther investigation, and may request

The Secrelary of the Treasury resuch further information from the pe- lains complete discretion to deny iny Litioner as he deems necessary. Peti.

claim of any petitioner when the Sec tions will be approved If ihe Assistant retary believes it is not in the best in. Secretary determines that:

teresi of the Governmcnt to return (1) The gold coins have not been pre

the bullion to the petitioner or when viously disposed of by normal proce

the Secretary is not convinced that dures;

The peritoner was an innocent pur. (2) The petitioner wils an innocent

chaser or hoides without knowled;e

that the gold coins were counterfeit. purchaser or holder of the gold coins and is not under intrestination in connection with the coins al the time n!

PART 103— FINANCIAL RECORDKEEP. submission or thercallır:

ING AND REPORTING OF CURREN. (3) The coins are not needed and will

CY AND FOREIGN TRANSACTIONS not be needed in the future in any il:vestigation or as evidence in legal pro.

Subpart A-Dofinitions ccedings; and

Sec (4) Mitigation or the forfeiture is ir. 103.11 Meaning o! terin the best interest of the Gulernment.

Subpart B- Ruports Required To Be Made 6 101. Extruction of gold bullion from

:03 21 Determination by the Secretary. the counterfeit coins.

103.22 Reports of currency transactions. If the petition is approved, the As.

103.23 Peporis of transportation of curren. sistant Secretary shall then forward

cy or monetary instruments.

103.24 Reports of foreign financial the gold coins to the Bureau oi the Mint where, if economically feasible.

103.25 Filing of reports. the gold bullion will be extracted from 103.25 Identifira! on required. the counterfeit coins. The Bureau of the Mint will then return the bullion

Subpart C-Records Required To Ba to the Assistant Secretary'.

Maintained

1113.31 $ 101.5 Payment of smelting costs.

Determination by the Secretary.

103.32 Records to be made and retained by The petitioner shall be required to persors having financial interests in for. pay all reasonable costs incurred in ex

cigr financial accounts. tracting the bullion from the courier.

103.33 Records to be made and retained by

financial institutions. fcit coins. &s shall be determined by

103.34 Additional records to be mad and the Assistant Secretar;. Payment retained by banks. must be made prior to !!16 rriturn oi 193.35 Adilitional recrute to be made and the gold bullion to the positioner.

rotain el by brokers 110.dclouders in stru

ribie's. S 101.61 Return of the hullion.

103.75 Nature of records and retention

;eriod. . . Alter receiving the gold bullion from

1113.37 Merveill Outside ihr Unlimi Stiite's. the Bureau of the Mini. Ilie Assislill!! Secretary shall notify the petitioner

Subport D-Gonoral Provisions that his petition has bieri approved

1113.41 Drillars as !ccluding foreign curren. and that payment of the smcllille

9. costs in an aniount set forth in stich

103.42 P!wiographic or olizes reprod:ICnotice must be inace prior to the licns of Govern ont obligauons. return of the buliion.

10:43 Availability lil information,

ac

counts.

316

Chopter I-Monetary Offices, Dept. of the Treas.

§ 103.11

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& 10.3.11 Meaning of terms.

When used in this part and in forms prescribed under this part, where not otherwise distinctly expressed or manifestly incompatible

with

the intent thereof. terms shall have the meanings ascribed in this section.

Bank. (a) Each agency. brinch or office within the United States of any person doing business in one or inore of the capacities listed below:

(1) A commerciai bank or Truse company organizact lltidder ihr lilu's of any Slate or of the United States;

(2) A private bank;

(3) A savings and loan association or a building and loan association orga. nized under the lan's of any State or or the United States:

(4) An insured institution as dorined in section 401 of the National Housing Act;

(5) A savings bank, industrial bank or other thrift institution:

(6) A credit union organized under the laws of an; State or of !he United Slates; and

(7) Any other organization chartered under the banking law's of any Siarte and subject lo lhe supervision of the bank supervisory authorities of a Stale.

(b) Each agent, agency, branch or office within the United States of a foreign bank.

Broker or dealer in securities. A broker or dealer in securities, regislered or required to be registered with the Securities and Exchange Commis. sion under the Securities Exchange Act of 1934.

Currency. The coin and currency of the United States or of any other country', which circulate in and are customarily used and accepted money in the country in which issued. It includes U.S. silver certificates, U.S. notc's and Federal Reserve noles, but docs rol inclusie bank checks or other negotiable instruments not custoinarily accepted as money.

Domestic. When used herein, refers to the doing of business within the United States, and limits the applicability of the provision where it appears to the performance by such institutions or agencies of functions within the United States.

Financial institution. Each agency, branch, or office within the United States of any person doing business in one or more of the capacities listed below:

(1) A bank (except bank credit card systems);

) A broker or dealer in securities; (3) A person who engages as a business in dealing in or exchanging currency as, for example, a dealer in for. risin pxchange or a person engaged prilililrily in ihe cashing or checks;

(4) A prorson who engage's as a business in the issuing, selling. or redeem. ing of travelers' checks, money orders, or sirnilar instruments, except one who does so as a selling agent exclusively or as an incidental part of another business:

(5) A licensed transmitter of funds. or other person engaged in the business of transmitting funds abroad for others.

Foreign bank. A bank organized indes foreign law. an agency. brancit or office located outside the United States of a bank. The term dor's not include an agent, agency. briench or vilice within the United Slates if a hank organized under forritin law.

or

86

§ 103.21

Title 31-Money and Finance: Treasury

monwealth of Puertu Rico, and the
Territories and possessions of the
United States.
137 FR 6912. Apr. 5, 1972, as amended at 38
FK 2175, Jan. 22, 1973: 41 FR 27832, July 7,
1976)

Subport B-Reports Requirod To Be

Mado

Investment security. An instrument which:

(1) Is issued in bearer or registered form:

(2) Is or a type commonly dealt in upon securities exchanges or markets or commonly recognized in any arca in which it is issued or deall in as a medinin sor Inveilinointi

(3) Is cither one of a class or serie. or by ils terms is divisible into il clitsa or series of instruments, and

(4) Evidences a share participation or other interest in property or in an enterprise or evidences an obligation of the issuer.

Monctary instrument Coin or currency o! the United States or of 2:13 other country. travelers: checks. moncy orders, inilestmenl i'urities in bearer form or otherwise in such form that litle therclo pilsso's upon delivers. and negotiable instrumeirls (except warehouse receipts or bills of lading! in bearer form or otherwise in such form that title thereto passe: 11pon delivery. The term includes bank checks. travelers' checks and money orders which are sigr.ed but on which the name of the payee has been omilted. but does not include bank checks, trai: elers' checks or money orders macie payable to the order of a named person which have not been endorsed

which bear restrictive endorse. ments.

or

10:3.21 Determination by the Secretary.

The Secretary hereby dctermines that the reports required by this subpart have a high degree of usc!ulness in criminal, tax, or regulatory investi. gations or proceedings. $ 102.?! Reports of currency Transactions.

liu Each financial institution shall lile a report of cach deposit, wilhdraw. al. (sriange af currency or other pay. ment or transfer, by, through, or to willch financial institution, which in. volies a transaction in currency of more than $10.000. Such reports shall be made on forms prescribed by the Secreiary and all insormation called Tur is, the forms shall be furnished.

(0)(1) Except as otherwise directed in writing by the Assistant Secretary (Enforcement and Operations), this section shall not: (i) Require reports of transactions with Federal Reserve Banks or Federal Home Loan banks; (ii) require reports of transactions belueen domestic banks; or (iii) rcquire reporis hy noribank financial institutions of transactions with commercial banks.

Person. An individual, a corporation, a partnership. it trust or estate, a joint stock company, an association, a syridicate, joint venture, or other unincor. porated organization or group, and all entities cognizable as legal personal. ities.

Secretary. The Secretary of the Treasury or any person duly author. ized by the Secretary to perform the function mentioned.

Transaction in currency. A trausaction involving the physical transfer of currency from one persor to another. A transaction whic'ir is a 'ransform of funds by means of bank check. hink draft, wire transfer, or other wriller order, and which does no! include the physica) transfer of currency is not a transaction in Currency within the meaning of this pari.

Crited States. Tie various Slates, the District of Columbia, the C:11.

12) Except as otherwise directed in writing by the Assistant Secretary (Enforcement and Operations), a bank may exempt from the reporting requirement of this seciion the following:

(i) Deposits or withdrawals of currency froni an existing account by an csiablished depositor who is a United States resident and operates a relail type of business in the United States. For the purpise of this subsection, a retai: type of sizsiness is a business primiri'y engaged in providing goods to uitimate consumers and for which the bi:siness is paid in subsiantial portion os currency, except that dealerships which provide automobiles, boats or izirplanes are not included and their

Chapter I-Monotary Offices, Dept. of the Treas.

§ 103.23

transactions are not pxempt from the reporting requirement or this section.

(ii) Deposils or withdrawals of cur. rency from an existing account by an established depositor who is a United Slates resident and operates a sports arena. racc track, amusernent park. bar, rest:wurant, hotel, check cashing so'rvice licensed by state or local for o'rnments, t'linding machine company, or thealer.

(iii) Deposits, or withdra vals, exchanges of currency or other pay. ments and transfers by local or state governments, or the United States or any of its agencies or instrumentalitics.

(iv) Willidrawals for payroll purpose's from an existing account by an established deposiior who is a United States resident and operates a firm that regularly withdraw's more than $10.000 in order to pily its employees in currency.

(c) In each instance the transactions exempled under paragraph (b) of this section must be in amounts which the bank may reasonably conclude do not excord amounts commensurate with the custoinary conduct of the lawful. domestic business of that customer, or in the case of transactions with a local or state government or the United States or any of its agencies or instruinen!alities, in amounts which are c'ilslunary and commensurate with the authorized activities of the agency or instri:inentality. This section does not porinil a bank to exempt its transac. Lions with a nonbank financial institu. tion.

(d) A bank may appl; 10 the Secrecary for additional authority to grant an exemption to the repurting requirement.. not otherwise provided for under paragraph (bi of this section, if the bank believes that circumstances warrant such an exeniption. Such re. quests should be addressed to: Exempliori Staff, Room 1134. Office of En.

torci.nient and Operations. U.S. Treas: ury Deparinient. Wachir.pioni, D.C.

203201. le) ! !cord of cacti exempiion granted under paragricph (h! of this section and the reason iherelor inust be made at the time it is granted and all such exemptious must be kept in a centralized list. The record shall in

clude the nanies and addresses of the banks referred to in paragraph (bX1)(ii) of this section, as well as the name, address, business, taxpayer identification number, and account number of each depositor that has en. gaged in currency transactions which Trive not been reported because of the exemption provided in paragraph : 012) of this section. The record cun. Crirning the group of depositors txcinpied under the provisions of paragraph (b)(2) of this section should also indicate whether the exemption covers withdrawals, deposits, or both, as well as the dollar limit of the exemption. Upon the request of the Secretary, a bank shall provide a report containing the list of the bank's customers whose transactions have been exempted in accordance with the provisions of paragraph (b) of this section and such information as the Secretary may require. The exemptions may be reviewed by the Secretary who may re. quire a bank to file the usual reports as prescribed in paragraph (a) of this section with respect to any customer whose transactions have been previously exempted.

(f) Reports required under paragraph (e) of this section must be mailed or otherwise delivered to the Secretary within 30 days after the bank receives the Secretary's request. 145 FR 37820, June 5, 1980)

5 103.23 Reports of transportation of cur.

rency or monctary instruments. (a) Each person who physically transports, mails, or ships, or causes to be physically transported. mailed, or shipped, currency or other monetary instruments in an aggregate amount exceeding $5,000 on any one occasion from the United States to any place outside the United States, or into the United Stales from any place outside the United States, shall make a report Thrreof. A person is deemed to have caused such transportation, mailing or shipping when he aids, ahets, counsels, commands, procures, or requests it co be done by & financial institution or any other person. A transfer of funds through normai banking procedures which does not involve the physical transportation of currency or mone

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rollier 11101rary instrunients overland between l'stablished offices of banks or brokers or dealers in securities and foreign per:005.

(d) This section does not require thal more lian one report be filed covering a particular transportation, mailing or shipping of currency or other monetary instruments with respricl lo ubrich a complete and truth. rul rrport 1s been filed by a person. Iluurilor, 1160 person required by para. krapli la:) or (b) of lois section lu file a report shall br. cxcused from liability for failure to do so is, in fact, a com. plete: indiriithfu! report has not been filed.

(37 FR 26517. Dec. 13. 1972)

lary instruments is not required to be report.cd by this Seclion.

(b) Each person who recrives in the U.S. currency or other monetar;' instruments in an aggregate aniount (xceeding $5,000 on any one occasion which have been transporteu, maileu. or shipped to such person from any place outside the United States with respect to whilo a report hors not born fiied under bilrakraph (a) of this ser lion. Whet loer or not requirrel tro be file:d thereunder, shall make a ripor! lhereof, stiiling the amount, ille inte of receipt, the form of monr:arı in: struments, and tre person iroin uliom received.

(c) This section shall not require ! ports by "1) a Federal Reserve tanti. (2) a bank, a foreign bank, or a broker or dealer in securities, in resperi in currency or other nonetary insiruments mailed or shipped through the postal service or by common carrier. (3) a commercial bank or trusi cor::pany organized under the laws of an: Slatc or of the United States with res spect to overland shipments of currincy or monetary instruments shipped to or received froin an established cus. tomer maintaining a deposit relaciona ship with the bank, in amounts which the bank may reasonably conclude do not exceed amounts commensurate with the customary conduct of the business, industry or professioni ni ile customer concerned. (4! a perso:! nilio is not a citizen or resident us the United States in respect to currency or other monetary instrumic:its mailed or shipped from abroad le a balık or broker or dealer in securities Iloilli the postal servirr or by conimo" mitrij. cr. (5) a comnion carrier or passe!:*:•TS in respect to cirriricy or other mine. tary instromerits lil the possession of its passengers, (6) a common carries of goods in respect to shipinents al ciir. rency or monetary instruments not di clared to be such in the shippi: iila travelers' check isiller or Ils ont in respect to the transportation u!! lavei. ers' checks prior to their delivers to selling agents for rentual sale lu !!, public. (6) nur be a person engrid .21 & business in the Transportiliori na currency, municitary insuumenis and other commercial pil;TS with respect to the transportation of currency or

$111.3.21 Reports of foreign financial ac.

counts, Each person subject to the jurisdiction of the Writed States (except a forcign subsidiary of a U.S. person) having a financial interest in, or signa. lurp or other authority over, a bank, scensilios or ollier financial account in a foreign country shall report such re. lationship in the Srcretary sor cach year in which such relationship exists, and shall provide such information as shall be specified in a reporting form prescribed by the Secretary to be filed his such personis. Persons having a fi. nanciai interest in 25 or more foreign !inancial accounts need only note that fact on the form. Such persons will be required to provide detailed informa. tion concernins cach account whicn so relesed by the Secretary or his dele. walc.

14: FR +3774. 1.ec. 20. 1977)

8 103.2; Filing of reports.

(a) A report required to be filed by paragrapi? (2.) or $ 103.22 shall be filed withir. 15 days following the day on which the transaction occurred. The reports shail be filed with the Commissioner of Internal Revenue on forms 10) be prescribed by the Secrecary. All informacion called ior in such forms stial! he iurnished. A copy of each report shall be retained by the fl. nancial institution for a period of flve years from the date of the report.

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