31 U.S.C. § 5314 : US Code - Section 5314: Records and reports on foreign financial agency transactions

Search 31 U.S.C. § 5314 : US Code - Section 5314: Records and reports on foreign financial agency transactions

(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.