Historical and Revision Notes | ||
|---|---|---|
Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
5318 | 31:1054(a), (b)(1st sentence). | Oct. 26, 1970, Pub. L. 91–508, §§ 205(a), (b)(1st sentence), 206, 84 Stat. 1120. |
| 31:1055. | |
In the section, before clause (1), the words “have the responsibility to assure compliance with the requirements of this chapter” in 31:1054(a) are omitted as unnecessary because of section 321 of the revised title. The words “(except under section 5315 of this title and regulations prescribed under section 5315)” are added because 31:1141–1143 was not enacted as a part of the Currency and Foreign Transactions Reporting Act that is restated in this subchapter. In clause (1), the words “duties and powers” are substituted for “responsibilities” for consistency in the revised title and with other titles of the United States Code. The words “bank supervisory agency, or other” are omitted as surplus. In clause (2), the words “by regulation” and “as he may deem” are omitted as surplus. The words “and regulations prescribed under this subchapter” are added because of the restatement. In clause (3), the word “prescribe” is substituted for “make” in 31:1055 for consistency in the revised title and with other titles of the Code. The words “otherwise imposed”, 31:1055(1st sentence), and the words “in his discretion” are omitted as surplus.
Section 21 of the Federal Deposit Insurance Act, referred to in subsecs. (b)(1), (m), and (n)(2), is classified to section 1829b of Title 12, Banks and Banking.
Section 411 of the National Housing Act, referred to in subsec. (b)(1), which was classified to section 1730d of Title 12, was repealed by Pub. L. 101–73, title IV, § 407,
Chapter 2 of Public Law 91–508 (12 U.S.C. 1951 et seq.), referred to in subsec. (b)(1), probably means chapter 2 (§§ 121 to 129) of title I of Pub. L. 91–508,
Subsection (a)(5), referred to in subsec. (f), was redesignated subsection (a)(6) by section 410(a)(2) of Pub. L. 103–325.
Section 18(w) of the Federal Deposit Insurance Act, referred to in subsec. (g)(2)(B)(i)(I), is classified to section 1828(w) of Title 12, Banks and Banking.
Section 6003 of the Anti-Money Laundering Act of 2020, referred to in subsec. (g)(5)(A), (6)(A)(i), (11)(B), is section 6003 of Pub. L. 116–283, div. F,
The date of enactment of this paragraph, referred to in subsecs. (g)(8)(A)(i), (B)(iii), and (h)(4)(A), is the date of enactment of Pub. L. 116–283, which was approved
Section 509 of the Gramm-Leach-Bliley Act, referred to in subsecs. (h)(2), (4)(A), (B), (D), (5) and (l)(4), is classified to section 6809 of Title 15, Commerce and Trade.
Section 261 of the Countering Russian Influence in Europe and Eurasia Act of 2017 (Public Law 115–44; 131 Stat. 934), referred to in subsec. (h)(4)(C), probably means section 261 of title II of Pub. L. 115–44,
The USA PATRIOT Act (Public Law 107–56; 115 Stat. 272), referred to in subsec. (h)(4)(E), is Pub. L. 107—56,
The Federal Rules of Evidence, referred to in subsec. (k)(3)(A)(ii)(I), (D)(ii)(I)(aa)(AA), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure.
Section 4(k) of the Bank Holding Company Act of 1956, referred to in subsec. (l)(4), is classified to section 1843(k) of Title 12, Banks and Banking.
The date of enactment of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, referred to in subsec. (l)(6), is the date of enactment of title III of Pub. L. 107–56, which was approved
The date of enactment of the Intelligence Reform and Terrorism Prevention Act of 2004, referred to in subsec. (n)(4)(A), is the date of enactment of Pub. L. 108–458, which was approved
The date of enactment of the National Intelligence Reform Act of 2004, referred to in subsec. (n)(5)(A), probably means the date of enactment of the National Security Intelligence Reform Act of 2004, title I of Pub. L. 108–458, which was approved
For provisions relating to the Bank Secrecy Act Advisory Group, referred to in subsec. (n)(4)(B), see section 1564 of Pub. L. 102–550, which is set out as a note under section 5311 of this title.
2021—Subsec. (a)(1). Pub. L. 116–283, § 6101(b)(1), substituted “subsections (b)(2) and (h)(4)” for “subsection (b)(2)”.
Subsec. (a)(2). Pub. L. 116–283, § 6101(c), inserted “, including the collection and reporting of certain information as the Secretary of the Treasury may prescribe by regulation,” after “appropriate procedures” and “, the financing of terrorism, or other forms of illicit finance” after “money laundering”.
Subsec. (g)(2)(A)(i). Pub. L. 116–283, § 6212(b)(1), inserted “or otherwise reveal any information that would reveal that the transaction has been reported,” after “transaction has been reported”.
Subsec. (g)(2)(A)(ii). Pub. L. 116–283, § 6212(b)(2), inserted “or otherwise reveal any information that would reveal that the transaction has been reported,” after “transaction has been reported,”.
Subsec. (g)(5). Pub. L. 116–283, § 6202, added par. (5).
Subsec. (g)(6), (7). Pub. L. 116–283, § 6206, added pars. (6) and (7).
Subsec. (g)(8) to (11). Pub. L. 116–283, § 6212(a), added pars. (8) to (11).
Subsec. (h)(1). Pub. L. 116–283, § 6101(b)(2)(A), inserted “and the financing of terrorism” after “money laundering” and “and countering the financing of terrorism” after “anti-money laundering” in introductory provisions.
Subsec. (h)(2). Pub. L. 116–283, § 6101(b)(2)(B), inserted subpar. (A) designation and heading and added subpar. (B).
Subsec. (h)(4), (5). Pub. L. 116–283, § 6101(b)(2)(C), added pars. (4) and (5).
Subsec. (k)(1)(B), (C). Pub. L. 116–283, § 6308(a)(1), added subpar. (B) and redesignated subpar. (B) as (C).
Subsec. (k)(3). Pub. L. 116–283, § 6308(a)(2), added par. (3) and struck out former par (3), which related to foreign bank records, including summons or subpoena of records, acceptance of service, and termination of correspondent relationship.
Subsec. (o). Pub. L. 116–283, § 6209(a), added subsec. (o).
Subsec. (p). Pub. L. 116–283, § 6213(a), added subsec. (p).
Subsec. (q). Pub. L. 116–283, § 6301, added subsec. (q).
2014—Subsec. (a)(6), (7). Pub. L. 113–156 added par. (6) and redesignated former par. (6) as (7).
2011—Subsec. (g)(2)(A)(i). Pub. L. 112–74, § 118(1), added cl. (i) and struck out former cl. (i) which read as follows: “the financial institution, director, officer, employee, or agent may not notify any person involved in the transaction that the transaction has been reported; and”.
Subsec. (g)(2)(A)(ii). Pub. L. 112–74, § 118(2), substituted “no current or former officer or employee of or contractor for” for “no officer or employee of” and inserted “or for” before “any State”.
2006—Subsec. (n)(4)(A). Pub. L. 109–177 substituted “Intelligence Reform and Terrorism Prevention Act of 2004” for “National Intelligence Reform Act of 2004” in introductory provisions.
2004—Subsec. (h)(3). Pub. L. 108–458, § 6202(h), made technical correction to directory language of Pub. L. 107–56, § 325. See 2001 Amendment note below.
Subsec. (i)(3)(B). Pub. L. 108–458, § 6203(c)(1), inserted comma before “that is reasonably designed”.
Subsec. (i)(4). Pub. L. 108–458, § 6203(c)(2), substituted “Definitions” for “Definition” in heading.
Subsec. (k)(1)(B). Pub. L. 108–458, § 6203(d), substituted “section 5318A(e)(1)(B)” for “section 5318A(f)(1)(B)”.
Subsec. (n). Pub. L. 108–458, § 6302, added subsec. (n).
2003—Subsecs. (l), (m). Pub. L. 108–159 redesignated subsec. (l), relating to applicability of rules, as (m).
2001—Subsec. (a)(2), (3). Pub. L. 107–56, § 365(c)(2)(B)(ii), inserted “or nonfinancial trades or businesses” after “financial institutions”.
Subsec. (a)(4). Pub. L. 107–56, § 365(c)(2)(B)(i), inserted “or nonfinancial trade or business” after “financial institution” in two places.
Subsec. (c)(1). Pub. L. 107–56, § 365(c)(2)(B)(i), inserted “or nonfinancial trade or business” after “financial institution”.
Subsec. (f). Pub. L. 107–56, § 365(c)(2)(B)(i), inserted “or nonfinancial trade or business” after “financial institution” in introductory provisions.
Subsec. (g)(2). Pub. L. 107–56, § 351(b), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “A financial institution, and a director, officer, employee, or agent of any financial institution, who voluntarily reports a suspicious transaction, or that reports a suspicious transaction pursuant to this section or any other authority, may not notify any person involved in the transaction that the transaction has been reported.”
Subsec. (g)(3). Pub. L. 107–56, § 351(a), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “Any financial institution that makes a disclosure of any possible violation of law or regulation or a disclosure pursuant to this subsection or any other authority, and any director, officer, employee, or agent of such institution, shall not be liable to any person under any law or regulation of the United States or any constitution, law, or regulation of any State or political subdivision thereof, for such disclosure or for any failure to notify the person involved in the transaction or any other person of such disclosure.”
Subsec. (g)(4)(B). Pub. L. 107–56, § 358(b), substituted “, supervisory agency, or United States intelligence agency for use in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism” for “or supervisory agency”.
Subsec. (h). Pub. L. 107–56, § 352(a), reenacted heading without change and amended text of subsec. (h) generally. Prior to amendment, text read as follows:
“(1)
“(A) the development of internal policies, procedures, and controls,
“(B) the designation of a compliance officer,
“(C) an ongoing employee training program, and
“(D) an independent audit function to test programs.
“(2)
Subsec. (h)(3). Pub. L. 107–56, § 325, as amended by Pub. L. 108–458, § 6202(h), added par. (3).
Subsec. (i). Pub. L. 107–56, § 312(a), added subsec. (i).
Subsec. (j). Pub. L. 107–56, § 313(a), added subsec. (j).
Subsec. (k). Pub. L. 107–56, § 319(b), added subsec. (k).
Subsec. (l). Pub. L. 107–56, § 359(c), added subsec. (l) relating to applicability of rules.
Pub. L. 107–56, § 326(a), added subsec. (l) relating to identification and verification of accountholders.
1994—Subsec. (a)(5). Pub. L. 103–325, § 410(a), added par. (5). Former par. (5) redesignated (6).
Subsec. (a)(6). Pub. L. 103–325, § 410(b), inserted “under this paragraph or paragraph (5)” after “revoke an exemption” in penultimate sentence.
Pub. L. 103–325, § 410(a)(2), redesignated par. (5) as (6).
Subsec. (g). Pub. L. 103–322, § 330017(b)(1), and Pub. L. 103–325, § 413(b)(1), amended directory language of Pub. L. 102–550, § 1517(b), identically. See 1992 Amendment note below.
Subsec. (g)(4). Pub. L. 103–325, § 403(a), added par. (4).
Subsec. (h). Pub. L. 103–322, § 330017(b)(1), and Pub. L. 103–325, § 413(b)(1), amended directory language of Pub. L. 102–550, § 1517(b), identically. See 1992 Amendment note below.
1992—Subsec. (a)(1). Pub. L. 102–550, § 1504(d)(1), substituted “supervising agency and the United States Postal Service” for “supervising agency or the Postal Inspection Service and the Postal Service”.
Subsec. (a)(2). Pub. L. 102–550, § 1513, inserted before semicolon “or to guard against money laundering”.
Subsecs. (g), (h). Pub. L. 102–550, § 1517(b), as amended by Pub. L. 103–322, § 330017(b)(1), and Pub. L. 103–325, § 413(b)(1), added subsecs. (g) and (h).
1988—Subsec. (a)(1). Pub. L. 100–690, § 6469(c), inserted “or the Postal Inspection Service” after “appropriate supervising agency”.
Pub. L. 100–690, § 6185(e), inserted “and the Postal Service” after “appropriate supervising agency”.
1986—Pub. L. 99–570, § 1356(c)(2), substituted “Compliance, exemptions, and summons authority” for “Compliance and exemptions” in section catchline.
Subsec. (a). Pub. L. 99–570, § 1356(a)(1)–(5), designated existing provisions as subsec. (a), added subsec. heading, inserted “except as provided in subsection (b)(2),” in par. (1), added pars. (3) and (4), and redesignated former par. (3) as (5).
Subsecs. (b) to (e). Pub. L. 99–570, § 1356(a)(6), added subsecs. (b) to (e).
Subsec. (f). Pub. L. 99–570, § 1356(b), added subsec. (f).
Amendment by sections 6202(h) and 6203(c), (d) of Pub. L. 108–458 effective as if included in Pub. L. 107–56, as of the date of enactment of such Act, and no amendment made by Pub. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Pub. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking.
Amendment by Pub. L. 108–159 subject to joint regulations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as a note under section 1681 of Title 15, Commerce and Trade.
Pub. L. 107–56, title III, § 312(b)(2),
Pub. L. 107–56, title III, § 313(b),
Pub. L. 107–56, title III, § 352(b),
Amendment by section 358(b) of Pub. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after
Pub. L. 103–322, title XXXIII, § 330017(b)(1),
Secretary of the Treasury required to consult with State supervisory agencies in issuing rules to carry out subsec. (a)(6) of this section, see section 2(c) of Pub. L. 113–156, set out as a Consultation with State Agencies note under section 1958 of Title 12, Banks and Banking.
Pub. L. 107–56, title III, § 312(b)(1),
Pub. L. 107–56, title III, § 352(c),
Pub. L. 116–283, div. F, title LXII, § 6213(b),
[For definition of “financial institution” as used in section 6213(b) of Pub. L. 116–283, set out above, see section 6003 of Pub. L. 116–283, set out as a Definitions note under section 5311 of this title.]
Pub. L. 116–283, div. F, title LXII, § 6203, “(a) “(1) FinCEN [Financial Crimes Enforcement Network of Department of the Treasury] shall, to the extent practicable, periodically solicit feedback from individuals designated under section 5318(h)(1)(B) of title 31, United States Code, by a variety of financial institutions representing a cross-section of the reporting industry to review the suspicious activity reports filed by those financial institutions and discuss trends in suspicious activity observed by FinCEN.“(2) FinCEN shall provide any feedback solicited under paragraph (1) to the appropriate Federal functional regulator, State bank supervisor, or State credit union supervisor during the regularly scheduled examination of the applicable financial institution by the Federal functional regulator, State bank supervisor, or State credit union supervisor, as applicable.“(b) “(1) “(A) Except as provided in paragraph (2), FinCEN shall, to the extent practicable, periodically disclose to each financial institution, in summary form, information on suspicious activity reports filed that proved useful to Federal or State criminal or civil law enforcement agencies during the period since the most recent disclosure under this paragraph to the financial institution.“(B) Nothing in this paragraph may be construed to require the public disclosure of any information filed with the Department of the Treasury under the Bank Secrecy Act.“(2) FinCEN shall not be required to disclose to a financial institution any information under paragraph (1) that relates to an ongoing or closed investigation or implicates the national security of the United States.“(3) With respect to the actions described in paragraph (1), FinCEN shall keep records of all such actions taken to assist with the production of the reports described in paragraph (5) of section 5318(g) of title 31, United States Code, as added by section 6202 of this division, and for other purposes.“(4) The information disclosed by FinCEN under this subsection shall include information from the Department of Justice regarding—“(A) the review and use by the Department of suspicious activity reports filed by the applicable financial institution during the period since the most recent disclosure under this subsection; and“(B) any trends in suspicious activity observed by the Department.”
[For definition of terms used in section 6203 of Pub. L. 116–283, set out above, see section 6003 of Pub. L. 116–283, set out as a Definitions note under section 5311 of this title.]
For requirement that Financial Institutions Examination Council manual be updated to reflect the rulemaking required by subsec. (o) of this section, as added by Pub. L. 116–283, see section 6209(b)(1) of Pub. L. 116–283, set out as a note under section 3305 of Title 12, Banks and Banking.
Pub. L. 107–56, title III, § 319(c),
“Federal Functional Regulator” Includes Commodity Futures Trading Commission
Pub. L. 107–56, title III, § 321(c),
Pub. L. 107–56, title III, § 356(a), (b), “(a) The Secretary [of the Treasury], after consultation with the Securities and Exchange Commission and the Board of Governors of the Federal Reserve System, shall publish proposed regulations in the Federal Register before “(b) The Secretary, in consultation with the Commodity Futures Trading Commission, may prescribe regulations requiring futures commission merchants, commodity trading advisors, and commodity pool operators registered under the Commodity Exchange Act [7 U.S.C. 1 et seq.] to submit suspicious activity reports under section 5318(g) of title 31, United States Code.”
Pub. L. 103–325, title IV, § 403(b), “(1) The Secretary of the Treasury shall submit an annual report to the Congress at the times required under paragraph (2) on the number of suspicious transactions reported to the officer or agency designated under section 5318(g)(4)(A) of title 31, United States Code, during the period covered by the report and the disposition of such reports.“(2) The 1st report required under paragraph (1) shall be filed before the end of the 1-year period beginning on the date of enactment of the Money Laundering Suppression Act of 1994 [
Pub. L. 103–325, title IV, § 403(c),
Pub. L. 103–325, title IV, § 404, “(a) Before the end of the 6-month period beginning on the date of enactment of this Act [“(1) review and enhance training and examination procedures to improve the identification of money laundering schemes involving depository institutions; and“(2) review and enhance procedures for referring cases to any appropriate law enforcement agency.“(b) The Secretary of the Treasury and each appropriate law enforcement agency shall provide, on a regular basis, information regarding money laundering schemes and activities involving depository institutions to each appropriate Federal banking agency in order to enhance each agency’s ability to examine for and identify money laundering activity.“(c) The Financial Institutions Examination Council shall submit a report on the progress made in carrying out subsection (a) and the usefulness of information received pursuant to subsection (b) to the Congress by the end of the 1-year period beginning on the date of enactment of this Act.“(d) For purposes of this section, the term ‘appropriate Federal banking agency’ has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813].”