CITE
31 USC Sec. 5314 01/05/2009
EXPCITE
TITLE 31 - MONEY AND FINANCE
SUBTITLE IV - MONEY
CHAPTER 53 - MONETARY TRANSACTIONS
SUBCHAPTER II - RECORDS AND REPORTS ON MONETARY INSTRUMENTS
TRANSACTIONS
HEAD
Sec. 5314. Records and reports on foreign financial agency
transactions
STATUTE
(a) Considering the need to avoid impeding or controlling the
export or import of monetary instruments and the need to avoid
burdening unreasonably a person making a transaction with a foreign
financial agency, the Secretary of the Treasury shall require a
resident or citizen of the United States or a person in, and doing
business in, the United States, to keep records, file reports, or
keep records and file reports, when the resident, citizen, or
person makes a transaction or maintains a relation for any person
with a foreign financial agency. The records and reports shall
contain the following information in the way and to the extent the
Secretary prescribes:
(1) the identity and address of participants in a transaction
or relationship.
(2) the legal capacity in which a participant is acting.
(3) the identity of real parties in interest.
(4) a description of the transaction.
(b) The Secretary may prescribe -
(1) a reasonable classification of persons subject to or exempt
from a requirement under this section or a regulation under this
section;
(2) a foreign country to which a requirement or a regulation
under this section applies if the Secretary decides applying the
requirement or regulation to all foreign countries is unnecessary
or undesirable;
(3) the magnitude of transactions subject to a requirement or a
regulation under this section;
(4) the kind of transaction subject to or exempt from a
requirement or a regulation under this section; and
(5) other matters the Secretary considers necessary to carry
out this section or a regulation under this section.
(c) A person shall be required to disclose a record required to
be kept under this section or under a regulation under this section
only as required by law.
SOURCE
(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 997.)
HISTORICAL AND REVISION NOTES --------------------------------------------------------------------
Revised Source (U.S. Code) Source (Statutes at Large)
Section
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5314(a) 31:1121(a). Oct. 26, 1970, Pub. L. 91-508,
Secs. 241, 242, 84 Stat. 1124.
5314(b) 31:1122.
5314(c) 31:1121(b).
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In subsection (a), before clause (1), the words "currency or
other", "legitimately", "by regulation", and "directly or
indirectly" are omitted as surplus. The words "for any person" are
substituted for "on behalf of himself or another" to eliminate
unnecessary words. The words "and to the extent" are substituted
for "and in such detail" for clarity. In clauses (1) and (2), the
words "participants" and "participant" are substituted for
"parties" for consistency. In clause (2), the words "to the
transaction or relationship" are omitted as surplus. In clause (3),
the words "if one or more of the parties are not acting solely as
principals" are omitted as surplus. In clause (4), the words
"including the amounts of money, credit, or other property
involved" are omitted as surplus.
In subsection (b), the words "or a regulation under this section"
are added because of the restatement. The words "or does not apply"
and "uniform" in clause (2) are omitted as surplus. In clause (5),
the words "carry out" are substituted for "the application of" for
consistency.
In subsection (c), the words "produce or otherwise . . . the
contents of" and "in compliance with a subpena or summons duly
authorized and issued or . . . may otherwise be" are omitted as
surplus. The words "under a regulation" are added because of the
restatement.
COMPLIANCE WITH REPORTING REQUIREMENTS
Pub. L. 107-56, title III, Sec. 361(b), Oct. 26, 2001, 115 Stat.
332, provided that: "The Secretary of the Treasury shall study
methods for improving compliance with the reporting requirements
established in section 5314 of title 31, United States Code, and
shall submit a report on such study to the Congress by the end of
the 6-month period beginning on the date of enactment of this Act
[Oct. 26, 2001] and each 1-year period thereafter. The initial
report shall include historical data on compliance with such
reporting requirements."