31 U.S.C. § 5326 : US Code - Section 5326: Records of certain domestic coin and currency transactions

Search 31 U.S.C. § 5326 : US Code - Section 5326: Records of certain domestic coin and currency transactions

(a) In General. - If the Secretary of the Treasury finds, upon
the Secretary's own initiative or at the request of an appropriate
Federal or State law enforcement official, that reasonable grounds
exist for concluding that additional recordkeeping and reporting
requirements are necessary to carry out the purposes of this
subtitle and prevent evasions thereof, the Secretary may issue an
order requiring any domestic financial institution or nonfinancial
trade or business or group of domestic financial institutions or
nonfinancial trades or businesses in a geographic area -
(1) to obtain such information as the Secretary may describe in
such order concerning -
(A) any transaction in which such financial institution or
nonfinancial trade or business is involved for the payment,
receipt, or transfer of United States coins or currency (or
such other monetary instruments as the Secretary may describe
in such order) the total amounts or denominations of which are
equal to or greater than an amount which the Secretary may
prescribe; and
(B) any other person participating in such transaction;
(2) to maintain a record of such information for such period of
time as the Secretary may require; and
(3) to file a report with respect to any transaction described
in paragraph (1)(A) in the manner and to the extent specified in
the order.
(b) Authority To Order Depository Institutions To Obtain Reports
From Customers. -
(1) In general. - The Secretary of the Treasury may, by
regulation or order, require any depository institution (as
defined in section 3(c) of the Federal Deposit Insurance Act) -
(A) to request any financial institution or nonfinancial
trade or business (other than a depository institution) which
engages in any reportable transaction with the depository
institution to provide the depository institution with a copy
of any report filed by the financial institution or
nonfinancial trade or business under this subtitle with respect
to any prior transaction (between such financial institution or
nonfinancial trade or business and any other person) which
involved any portion of the coins or currency (or monetary
instruments) which are involved in the reportable transaction
with the depository institution; and
(B) if no copy of any report described in subparagraph (A) is
received by the depository institution in connection with any
reportable transaction to which such subparagraph applies, to
submit (in addition to any report required under this subtitle
with respect to the reportable transaction) a written notice to
the Secretary that the financial institution or nonfinancial
trade or business failed to provide any copy of such report.
(2) Reportable transaction defined. - For purposes of this
subsection, the term "reportable transaction" means any
transaction involving coins or currency (or such other monetary
instruments as the Secretary may describe in the regulation or
order) the total amounts or denominations of which are equal to
or greater than an amount which the Secretary may prescribe.
(c) Nondisclosure of Orders. - No financial institution or
nonfinancial trade or business or officer, director, employee or
agent of a financial institution or nonfinancial trade or business
subject to an order under this section may disclose the existence
of, or terms of, the order to any person except as prescribed by
the Secretary.
(d) Maximum Effective Period for Order. - No order issued under
subsection (a) shall be effective for more than 180 days unless
renewed pursuant to the requirements of subsection (a).