31 U.S.C. § 5321 : US Code - Section 5321: Civil penalties

Search 31 U.S.C. § 5321 : US Code - Section 5321: Civil penalties

(a)(1) A domestic financial institution or nonfinancial trade or
business, and a partner, director, officer, or employee of a
domestic financial institution or nonfinancial trade or business,
willfully violating this subchapter or a regulation prescribed or
order issued under this subchapter (except sections 5314 and 5315
of this title or a regulation prescribed under sections 5314 and
5315), or willfully violating a regulation prescribed under section
21 of the Federal Deposit Insurance Act or section 123 of Public
Law 91-508, is liable to the United States Government for a civil
penalty of not more than the greater of the amount (not to exceed
$100,000) involved in the transaction (if any) or $25,000. For a
violation of section 5318(a)(2) of this title or a regulation
prescribed under section 5318(a)(2), a separate violation occurs
for each day the violation continues and at each office, branch, or
place of business at which a violation occurs or continues.
(2) The Secretary of the Treasury may impose an additional civil
penalty on a person not filing a report, or filing a report
containing a material omission or misstatement, under section 5316
of this title or a regulation prescribed under section 5316. A
civil penalty under this paragraph may not be more than the amount
of the monetary instrument for which the report was required. A
civil penalty under this paragraph is reduced by an amount
forfeited under section 5317(b) of this title.
(3) A person not filing a report under a regulation prescribed
under section 5315 of this title or not complying with an
injunction under section 5320 of this title enjoining a violation
of, or enforcing compliance with, section 5315 or a regulation
prescribed under section 5315, is liable to the Government for a
civil penalty of not more than $10,000.
(4) Structured Transaction Violation. -
(A) Penalty authorized. - The Secretary of the Treasury may
impose a civil money penalty on any person who violates any
provision of section 5324.
(B) Maximum amount limitation. - The amount of any civil money
penalty imposed under subparagraph (A) shall not exceed the
amount of the coins and currency (or such other monetary
instruments as the Secretary may prescribe) involved in the
transaction with respect to which such penalty is imposed.
(C) Coordination with forfeiture provision. - The amount of any
civil money penalty imposed by the Secretary under subparagraph
(A) shall be reduced by the amount of any forfeiture to the
United States in connection with the transaction with respect to
which such penalty is imposed.
(5) Foreign financial agency transaction violation. -
(A) Penalty authorized. - The Secretary of the Treasury may
impose a civil money penalty on any person who violates, or
causes any violation of, any provision of section 5314.
(B) Amount of penalty. -
(i) In general. - Except as provided in subparagraph (C), the
amount of any civil penalty imposed under subparagraph (A)
shall not exceed $10,000.
(ii) Reasonable cause exception. - No penalty shall be
imposed under subparagraph (A) with respect to any violation if
-
(I) such violation was due to reasonable cause, and
(II) the amount of the transaction or the balance in the
account at the time of the transaction was properly reported.
(C) Willful violations. - In the case of any person willfully
violating, or willfully causing any violation of, any provision
of section 5314 -
(i) the maximum penalty under subparagraph (B)(i) shall be
increased to the greater of -
(I) $100,000, or
(II) 50 percent of the amount determined under subparagraph
(D), and
(ii) subparagraph (B)(ii) shall not apply.
(D) Amount. - The amount determined under this subparagraph is -

(i) in the case of a violation involving a transaction, the
amount of the transaction, or
(ii) in the case of a violation involving a failure to report
the existence of an account or any identifying information
required to be provided with respect to an account, the balance
in the account at the time of the violation.
(6) Negligence. -
(A) In general. - The Secretary of the Treasury may impose a
civil money penalty of not more than $500 on any financial
institution or nonfinancial trade or business which negligently
violates any provision of this subchapter or any regulation
prescribed under this subchapter.
(B) Pattern of negligent activity. - If any financial
institution or nonfinancial trade or business engages in a
pattern of negligent violations of any provision of this
subchapter or any regulation prescribed under this subchapter,
the Secretary of the Treasury may, in addition to any penalty
imposed under subparagraph (A) with respect to any such
violation, impose a civil money penalty of not more than $50,000
on the financial institution or nonfinancial trade or business.
(7) Penalties for international counter money laundering
violations. - The Secretary may impose a civil money penalty in an
amount equal to not less than 2 times the amount of the
transaction, but not more than $1,000,000, on any financial
institution or agency that violates any provision of subsection (i)
or (j) of section 5318 or any special measures imposed under
section 5318A.
(b) Time Limitations for Assessments and Commencement of Civil
Actions. -
(1) Assessments. - The Secretary of the Treasury may assess a
civil penalty under subsection (a) at any time before the end of
the 6-year period beginning on the date of the transaction with
respect to which the penalty is assessed.
(2) Civil actions. - The Secretary may commence a civil action
to recover a civil penalty assessed under subsection (a) at any
time before the end of the 2-year period beginning on the later
of -
(A) the date the penalty was assessed; or
(B) the date any judgment becomes final in any criminal
action under section 5322 in connection with the same
transaction with respect to which the penalty is assessed.
(c) The Secretary may remit any part of a forfeiture under
subsection (c) or (d) (!1) of section 5317 of this title or civil
penalty under subsection (a)(2) of this section.
(d) Criminal Penalty Not Exclusive of Civil Penalty. - A civil
money penalty may be imposed under subsection (a) with respect to
any violation of this subchapter notwithstanding the fact that a
criminal penalty is imposed with respect to the same violation.
(e) Delegation of Assessment Authority to Banking Agencies. -
(1) In general. - The Secretary of the Treasury shall delegate,
in accordance with section 5318(a)(1) and subject to such terms
and conditions as the Secretary may impose in accordance with
paragraph (3), any authority of the Secretary to assess a civil
money penalty under this section on depository institutions (as
defined in section 3 of the Federal Deposit Insurance Act) to the
appropriate Federal banking agencies (as defined in such section
3).
(2) Authority of agencies. - Subject to any term or condition
imposed by the Secretary of the Treasury under paragraph (3), the
provisions of this section shall apply to an appropriate Federal
banking agency to which is delegated any authority of the
Secretary under this section in the same manner such provisions
apply to the Secretary.
(3) Terms and conditions. -
(A) In general. - The Secretary of the Treasury shall
prescribe by regulation the terms and conditions which shall
apply to any delegation under paragraph (1).
(B) Maximum dollar amount. - The terms and conditions
authorized under subparagraph (A) may include, in the
Secretary's sole discretion, a limitation on the amount of any
civil penalty which may be assessed by an appropriate Federal
banking agency pursuant to a delegation under paragraph (1).