31 U.S.C. 5330 Registration of money transmitting businesses ('value that substitutes for currency')
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Page 483 TITLE 31—MONEY AND FINANCE § 5330
or order)’’ for ‘‘coins or currency (or such other mone- lating to money transmitting businesses oper-
tary instruments as the Secretary may describe in the ating in such State.
regulation or order)’’. (4) FALSE AND INCOMPLETE INFORMATION.—
2001—Subsec.(a). Pub. L. 107–56, § 365(c)(2)(B), inserted
The filing of false or materially incomplete in-
‘‘or nonfinancial trade or business’’ after ‘‘financial in-
stitution’’ and ‘‘or nonfinancial trades or businesses’’ formation in connection with the registration
for ‘‘financial institutions’’ in introductory provisions. of a money transmitting business shall be con-
Subsec. (a)(1)(A). Pub. L. 107–56, § 365(c)(2)(B)(i), in- sidered as a failure to comply with the re-
serted ‘‘or nonfinancial trade or business’’ after ‘‘finan- quirements of this subchapter.
cial institution’’.
Subsec. (b)(1)(A). Pub. L. 107–56, § 365(c)(2)(B)(i), in-
(b) CONTENTS OF REGISTRATION.—The registra-
serted ‘‘or nonfinancial trade or business’’ after ‘‘finan- tion of a money transmitting business under
cial institution’’ wherever appearing. subsection (a) shall include the following infor-
Subsec. (b)(1)(B). Pub. L. 107–56, § 365(c)(2)(B)(i), in- mation:
serted ‘‘or nonfinancial trade or business’’ after ‘‘finan- (1) The name and location of the business.
cial institution’’. (2) The name and address of each person
Subsec. (c). Pub. L. 107–56, § 365(c)(2)(B)(i), inserted who—
‘‘or nonfinancial trade or business’’ after ‘‘financial in- (A) owns or controls the business;
stitution’’ in two places. (B) is a director or officer of the business;
Subsec. (d). Pub. L. 107–56, § 353(d), substituted ‘‘more
or
than 180 days’’ for ‘‘more than 60 days’’.
1992—Subsecs. (b) to (d). Pub. L. 102–550 added sub-
(C) otherwise participates in the conduct
secs. (b) and (c) and redesignated former subsec. (b) as of the affairs of the business.
(d). (3) The name and address of any depository
institution at which the business maintains a
[§ 5327. Repealed. Pub. L. 104–208, div. A, title II,
transaction account (as defined in section
§ 2223(1), Sept. 30, 1996, 110 Stat. 3009–415]
19(b)(1)(C) of the Federal Reserve Act).
Section, added Pub. L. 102–550, title XV, § 1511(a), Oct. (4) An estimate of the volume of business in
28, 1992, 106 Stat. 4056, required Secretary to prescribe the coming year (which shall be reported an-
regulations requiring depository institutions to iden- nually to the Secretary).
tify and report on financial institution customers. (5) Such other information as the Secretary
[§ 5328. Repealed. Pub. L. 116–283, div. F, title of the Treasury may require.
LXIII, § 6314(b), Jan. 1, 2021, 134 Stat. 4603] (c) AGENTS OF MONEY TRANSMITTING BUSI-
NESSES.—
Section, added Pub. L. 102–550, title XV, § 1563(a), Oct. (1) MAINTENANCE OF LISTS OF AGENTS OF
28, 1992, 106 Stat. 4072; amended Pub. L. 107–56, title III,
MONEY TRANSMITTING BUSINESSES.—Pursuant
§ 365(c)(2)(B)(i), Oct. 26, 2001, 115 Stat. 335, related to
whistleblower protections. See section 5323 of this title. to regulations which the Secretary of the
Treasury shall prescribe, each money trans-
§ 5329. Staff commentaries mitting business shall—
(A) maintain a list containing the names
The Secretary shall— and addresses of all persons authorized to
(1) publish all written rulings interpreting act as an agent for such business in connec-
this subchapter; and tion with activities described in subsection
(2) annually issue a staff commentary on the (d)(1)(A) and such other information about
regulations issued under this subchapter. such agents as the Secretary may require;
(Added Pub. L. 103–325, title III, § 311(a), Sept. 23, and
1994, 108 Stat. 2221.) (B) make the list and other information
available on request to any appropriate law
§ 5330. Registration of money transmitting busi- enforcement agency.
nesses
(2) TREATMENT OF AGENT AS MONEY TRANS-
(a) REGISTRATION WITH SECRETARY OF THE MITTING BUSINESS.—The Secretary of the
TREASURY REQUIRED.— Treasury shall prescribe regulations estab-
(1) IN GENERAL.—Any person who owns or lishing, on the basis of such criteria as the
controls a money transmitting business shall Secretary determines to be appropriate, a
register the business (whether or not the busi- threshold point for treating an agent of a
ness is licensed as a money transmitting busi- money transmitting business as a money
ness in any State) with the Secretary of the transmitting business for purposes of this sec-
Treasury not later than the end of the 180-day tion.
period beginning on the later of—
(d) DEFINITIONS.—For purposes of this section,
(A) the date of enactment of the Money
the following definitions shall apply:
Laundering Suppression Act of 1994; or
(1) MONEY TRANSMITTING BUSINESS.—The
(B) the date on which the business is estab-
term ‘‘money transmitting business’’ means
lished.
any business other than the United States
(2) FORM AND MANNER OF REGISTRATION.— Postal Service which—
Subject to the requirements of subsection (b), (A) provides check cashing, currency ex-
the Secretary of the Treasury shall prescribe, change, or money transmitting or remit-
by regulation, the form and manner for reg- tance services, or issues or redeems money
istering a money transmitting business pursu- orders, travelers’ checks, and other similar
ant to paragraph (1). instruments or any other person who en-
(3) BUSINESSES REMAIN SUBJECT TO STATE gages as a business in the transmission of
LAW.—This section shall not be construed as currency, funds, or value that substitutes for
superseding any requirement of State law re- currency, including any person who engages
§ 5331 TITLE 31—MONEY AND FINANCE Page 484
as a business in an informal money transfer business in facilitating the transfer of money domesti-
system or any network of people who engage cally or internationally outside of the conventional fi-
as a business in facilitating the transfer of nancial institutions system;’’.
money domestically or internationally out-
Statutory Notes and Related Subsidiaries
side of the conventional financial institu-
tions system; FINDINGS AND PURPOSES
(B) is required to file reports under section Pub. L. 103–325, title IV, § 408(a), Sept. 23, 1994, 108
5313; and Stat. 2249, provided that:
(C) is not a depository institution (as de- ‘‘(1) FINDINGS.—The Congress hereby finds the fol-
fined in section 5313(g)). lowing:
‘‘(A) Money transmitting businesses are subject to
(2) MONEY TRANSMITTING SERVICE.—The term the recordkeeping and reporting requirements of sub-
‘‘money transmitting service’’ includes ac- chapter II of chapter 53 of title 31, United States
cepting currency, funds, or value that sub- Code.
stitutes for currency and transmitting the ‘‘(B) Money transmitting businesses are largely un-
currency, funds, or value that substitutes for regulated businesses and are frequently used in so-
phisticated schemes to—
currency by any means, including through a ‘‘(i) transfer large amounts of money which are
financial agency or institution, a Federal re- the proceeds of unlawful enterprises; and
serve bank or other facility of the Board of ‘‘(ii) evade the requirements of such subchapter
Governors of the Federal Reserve System, or II, the Internal Revenue Code of 1986 [26 U.S.C. 1 et
an electronic funds transfer network. seq.], and other laws of the United States.
‘‘(C) Information on the identity of money trans-
(e) CIVIL PENALTY FOR FAILURE TO COMPLY mitting businesses and the names of the persons who
WITH REGISTRATION REQUIREMENTS.— own or control, or are officers or employees of, a
(1) IN GENERAL.—Any person who fails to money transmitting business would have a high de-
comply with any requirement of this section gree of usefulness in criminal, tax, or regulatory in-
or any regulation prescribed under this sec- vestigations and proceedings.
tion shall be liable to the United States for a ‘‘(2) PURPOSE.—It is the purpose of this section [en-
acting this section and amending section 1960 of Title
civil penalty of $5,000 for each such violation. 18, Crimes and Criminal Procedure] to establish a reg-
(2) CONTINUING VIOLATION.—Each day a viola- istration requirement for businesses engaged in pro-
tion described in paragraph (1) continues shall viding check cashing, currency exchange, or money
constitute a separate violation for purposes of transmitting or remittance services, or issuing or re-
such paragraph. deeming money orders, travelers’ checks, and other
(3) ASSESSMENTS.—Any penalty imposed similar instruments to assist the Secretary of the
under this subsection shall be assessed and Treasury, the Attorney General, and other supervisory
collected by the Secretary of the Treasury in and law enforcement agencies to effectively enforce the
criminal, tax, and regulatory laws and prevent such
the manner provided in section 5321 and any money transmitting businesses from engaging in illegal
such assessment shall be subject to the provi- activities.’’
sions of such section.
§ 5331. Reports relating to coins and currency re-
(Added Pub. L. 103–325, title IV, § 408(b), Sept. 23,
ceived in nonfinancial trade or business
1994, 108 Stat. 2250; amended Pub. L. 107–56, title
III, § 359(b), Oct. 26, 2001, 115 Stat. 328; Pub. L. (a) COIN AND CURRENCY RECEIPTS OF MORE
116–283, div. F, title LXI, § 6102(d)(2), Jan. 1, 2021, THAN $10,000.—Any person—
134 Stat. 4553.) (1)(A) who is engaged in a trade or business,
and
Editorial Notes (B) who, in the course of such trade or busi-
ness, receives more than $10,000 in coins or
REFERENCES IN TEXT
currency in 1 transaction (or 2 or more related
The date of enactment of the Money Laundering Sup- transactions), or
pression Act of 1994, referred to in subsec. (a)(1)(A), is (2) who is required to file a report under sec-
the date of enactment of title IV of Pub. L. 103–325, tion 6050I(g) of the Internal Revenue Code of
which was approved Sept. 23, 1994.
Section 19(b)(1)(C) of the Federal Reserve Act, re-
1986,
ferred to in subsec. (b)(3), is classified to section shall file a report described in subsection (b)
461(b)(1)(C) of Title 12, Banks and Banking. with respect to such transaction (or related
AMENDMENTS transactions) with the Financial Crimes En-
forcement Network at such time and in such
2021—Subsec. (d)(1)(A). Pub. L. 116–283, § 6102(d)(2)(A), manner as the Secretary may, by regulation,
substituted ‘‘currency, funds, or value that substitutes
for currency,’’ for ‘‘funds,’’ and ‘‘system;’’ for ‘‘sys-
prescribe.
tem;;’’. (b) FORM AND MANNER OF REPORTS.—A report
Subsec. (d)(2). Pub. L. 116–283, § 6102(d)(2)(B), sub- is described in this subsection if such report—
stituted ‘‘currency, funds, or value that substitutes for (1) is in such form as the Secretary may pre-
currency’’ for ‘‘currency or funds denominated in the scribe;
currency of any country’’ after ‘‘accepting’’, sub- (2) contains—
stituted ‘‘currency, funds, or value that substitutes for (A) the name and address, and such other
currency’’ for ‘‘currency or funds, or the value of the identification information as the Secretary
currency or funds,’’ after ‘‘transmitting the’’, and in- may require, of the person from whom the
serted ‘‘, including’’ after ‘‘means’’.
2001—Subsec. (d)(1)(A). Pub. L. 107–56 inserted before
coins or currency was received;
semicolon ‘‘or any other person who engages as a busi- (B) the amount of coins or currency re-
ness in the transmission of funds, including any person ceived;
who engages as a business in an informal money trans- (C) the date and nature of the transaction;
fer system or any network of people who engage as a and