12 USC 3110 - Penalties

U.S Code last checked for updates: Nov 23, 2024

§ 3110.

Penalties

(a)

Civil money penalty

(1)

In general

(2)

Assessment procedures

(3)

Hearing procedure

(4)

Disbursement

(5)

“Violate” defined

(6)

Regulations

(b)

Notice under this section after separation from service

(c)

Penalty for failure to make reports

(1)

First tier

Any foreign bank, or any office or subsidiary of a foreign bank, that—

(A)

maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such error—

(i)

fails to make, submit, or publish such reports or information as may be required under this chapter or under regulations prescribed by the Board or the Comptroller of the Currency under this chapter, within the period of time specified by the agency; or

(ii)

submits or publishes any false or misleading report or information; or

(B)

inadvertently transmits or publishes any report that is minimally late,

shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. The foreign bank, or the office or subsidiary of a foreign bank, shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late.

(2)

Second tier

Any foreign bank, or any office or subsidiary of a foreign bank, that—

(A)

fails to make, submit, or publish such reports or information as may be required under this chapter or under regulations prescribed by the Board or the Comptroller of the Currency pursuant to this chapter, within the time period specified by such agency; or

(B)

submits or publishes any false or misleading report or information,

in a manner not described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false or misleading information is not corrected.

(3)

Third tier

(4)

Assessment of penalties

(5)

Hearing procedure

(Pub. L. 95–369, § 16, as added Pub. L. 102–242, title II, § 208, Dec. 19, 1991, 105 Stat. 2295.)

cite as: 12 USC 3110