31USC5313

31USC5313

CITE
31 USC Sec. 5313     01/24/94

EXPCITE
TITLE 31 - MONEY AND FINANCE
SUBTITLE IV - MONEY
CHAPTER 53 - MONETARY TRANSACTIONS
SUBCHAPTER II - RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS

HEAD
Sec. 5313. Reports on domestic coins and currency transactions.

STATUTE
(a) When a domestic financial institution is involved in a transaction for the payment, receipt, or transfer of United States coins or currency (or other monetary instruments the Secretary of the Treasury prescribes), in an amount, denomination, or amount and denomination, or under circumstances the Secretary prescribes by regulation, the institution and any other participant in the transaction the Secretary may prescribe shall file a report on the transaction at the time and in the way the Secretary prescribes. A participant acting for another person shall make the report as the agent or bailee of the person and identify the person for whom the transaction is being made.

(b) The Secretary may designate a domestic financial institution as an agent of the United States Government to receive a report under this section. However, the Secretary may designate a domestic financial institution that is not insured, chartered, examined, or registered as a domestic financial institution only if the institution consents. The Secretary may suspend or revoke a designation for a violation of this subchapter or a regulation under this subchapter (except a violation of section 5315 of this title or a regulation prescribed under section 5315), section 411

(FOOTNOTE 1) of the National Housing Act (12 U.S.C. 1730d), or section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b).
(FOOTNOTE 1) See References in Text note below.

(c)(1) A person (except a domestic financial institution designated under subsection (b) of this section) required to file a report under this section shall file the report -

(A) with the institution involved in the transaction if the institution was designated;

(B) in the way the Secretary prescribes when the institution was not designated; or

(C) with the Secretary.

(2) The Secretary shall prescribe -
(A) the filing procedure for a domestic financial institution designated under subsection (b) of this section; and
(B) the way the institution shall submit reports filed with it.

SOURCE
(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 996.)

MISC1
Historical and Revision Notes

           
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      Revised Section        Source (U.S. Code)        Source (Statutes at
                                                          Large)
           
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           5313(a)                31:1081.              Oct. 26, 1970, 
                                                        Pub. L. 91-508, 
                                                        Sec. 221- 223, 
                                                        84 Stat. 1122.                                                      
                                  
                                  31:1082.
           5313(b)                31:1083(a).
           5313(c)                31:1083(b). 
                           
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In subsection (a), the words ''coins or'' are added, and the words ''prescribe'' and ''prescribes'' are substituted for ''specify'' in 31:1081, and ''require'', for consistency. The words ''other parties thereto or'' in 31:1082 are omitted as surplus. The words ''to the Secretary'' in 31:1081 are omitted as unnecessary and for clarity. The words ''in such detail'' are omitted as surplus. The words ''A participant acting for another person shall make the report as the agent or bailee of the person and identify the person for whom the transaction is being made'' are substituted for 31:1082(last sentence) for clarity and to eliminate unnecessary words.

In subsection (b), the words ''in his discretion'' and ''individually or by class'' are omitted as surplus. The word ''Government'' is added for consistency. The words ''or a regulation under this subchapter'', are added because of the restatement. The words ''(except a violation of section 5315 of this title or a regulation prescribed under section 5315)'' are added because 31:1141-1143 was not enacted as a part of the Currency and Foreign Transactions Reporting Act that is restated in this subchapter.

In subsection (c)(1), clause (A) is substituted for ''with respect to a domestic financial institution . . . with that institution'' for clarity. Clause (C) is substituted for ''any such person may, at his election and in lieu of filing the report in the manner hereinabove prescribed, file the report with the Secretary'' to eliminate unnecessary words.

REFTEXT    REFERENCES IN TEXT
Section 411 of the National Housing Act, referred to in subsec. (b), which was classified to section 1730d of Title 12, Banks and Banking, was repealed by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.

SECREF     SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 5319, 5324 of this title; title 12 section 3420; title 18 sections 981, 982; title 28 section 524.