31 U.S.C. 5312 Definitions (BSA), US Code 2024 edition
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§ 5312 TITLE 31—MONEY AND FINANCE Page 444
‘‘(3) FEDERAL FUNCTIONAL REGULATOR.—The term (N) a dealer in precious metals, stones, or
‘Federal functional regulator’— jewels;
‘‘(A) has the meaning given the term in section (O) a pawnbroker;
509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809); (P) a loan or finance company;
and
‘‘(B) includes any Federal regulator that exam-
(Q) a travel agency;
ines a financial institution for compliance with the (R) a licensed sender of money or any
Bank Secrecy Act. other person who engages as a business in
‘‘(4) FINANCIAL AGENCY.—The term ‘financial agen- the transmission of currency, funds, or value
cy’ has the meaning given the term in section 5312(a) that substitutes for currency, including any
of title 31, United States Code, as amended by section person who engages as a business in an infor-
6102 of this division. mal money transfer system or any network
‘‘(5) FINANCIAL INSTITUTION.—The term ‘financial in- of people who engage as a business in facili-
stitution’—
tating the transfer of money domestically or
‘‘(A) has the meaning given the term in section
5312 of title 31, United States Code; and internationally outside of the conventional
‘‘(B) includes— financial institutions system;
‘‘(i) an electronic fund transfer network; and (S) a telegraph company;
‘‘(ii) a clearing and settlement system. (T) a business engaged in vehicle sales, in-
‘‘(6) FINCEN.—The term ‘FinCEN’ means the Finan- cluding automobile, airplane, and boat sales;
cial Crimes Enforcement Network of the Department (U) persons involved in real estate closings
of the Treasury. and settlements;
‘‘(7) SECRETARY.—The term ‘Secretary’ means the (V) the United States Postal Service;
Secretary of the Treasury. (W) an agency of the United States Gov-
‘‘(8) STATE BANK SUPERVISOR.—The term ‘State
ernment or of a State or local government
bank supervisor’ has the meaning given the term in
section 3 of the Federal Deposit Insurance Act (12 carrying out a duty or power of a business
U.S.C. 1813). described in this paragraph;
‘‘(9) STATE CREDIT UNION SUPERVISOR.—The term (X) a casino, gambling casino, or gaming
‘State credit union supervisor’ means a State official establishment with an annual gaming rev-
described in section 107A(e) of the Federal Credit enue of more than $1,000,000 which—
Union Act (12 U.S.C. 1757a(e)).’’ (i) is licensed as a casino, gambling ca-
sino, or gaming establishment under the
§ 5312. Definitions and application
laws of any State or any political subdivi-
(a) In this subchapter— sion of any State; or
(1) ‘‘financial agency’’ means a person acting (ii) is an Indian gaming operation con-
for a person (except for a country, a monetary ducted under or pursuant to the Indian
or financial authority acting as a monetary or Gaming Regulatory Act other than an op-
financial authority, or an international finan- eration which is limited to class I gaming
cial institution of which the United States (as defined in section 4(6) of such Act);
Government is a member) as a financial insti- (Y) any business or agency which engages
tution, bailee, depository trustee, or agent, or in any activity which the Secretary of the
acting in a similar way related to money, Treasury determines, by regulation, to be an
credit, securities, gold, a transaction in activity which is similar to, related to, or a
money, credit, securities or gold, or a service substitute for any activity in which any
provided with respect to money, securities, fu- business described in this paragraph is au-
tures, precious metals, stones and jewels, or thorized to engage; or
value that substitutes for currency. (Z) any other business designated by the
(2) ‘‘financial institution’’ means— Secretary whose cash transactions have a
(A) an insured bank (as defined in section high degree of usefulness in criminal, tax, or
3(h) of the Federal Deposit Insurance Act (12 regulatory matters.
U.S.C. 1813(h)));
(B) a commercial bank or trust company; (3) ‘‘monetary instruments’’ means—
(C) a private banker; (A) United States coins and currency;
(D) an agency or branch of a foreign bank (B) as the Secretary may prescribe by reg-
in the United States; ulation, coins and currency of a foreign
(E) any credit union; country, travelers’ checks, bearer negotiable
(F) a thrift institution; instruments, bearer investment securities,
(G) a broker or dealer registered with the bearer securities, stock on which title is
Securities and Exchange Commission under passed on delivery, and similar material;
the Securities Exchange Act of 1934 (15 (C) as the Secretary of the Treasury shall
U.S.C. 78a et seq.); provide by regulation for purposes of sec-
(H) a broker or dealer in securities or com- tions 5316 and 5331, checks, drafts, notes,
modities; money orders, and other similar instruments
(I) an investment banker or investment which are drawn on or by a foreign financial
company; institution and are not in bearer form; and
(J) a currency exchange, or a business en- (D) as the Secretary shall provide by regu-
gaged in the exchange of currency, funds, or lation, value that substitutes for any mone-
value that substitutes for currency or funds; tary instrument described in subparagraph
(K) an issuer, redeemer, or cashier of trav- (A), (B), or (C).
elers’ checks, checks, money orders, or simi- (4) NONFINANCIAL TRADE OR BUSINESS.—The
lar instruments; term ‘‘nonfinancial trade or business’’ means
(L) an operator of a credit card system; any trade or business other than a financial
(M) an insurance company; institution that is subject to the reporting re-
Page 445 TITLE 31—MONEY AND FINANCE § 5312
quirements of section 5313 and regulations pre- In subsection (a)(2), before subclause (A), the words
scribed under such section. ‘‘any person which does business in any one or more of
(5) ‘‘person’’, in addition to its meaning the following capacities’’ are omitted as surplus. In
under section 1 of title 1, includes a trustee, a subclause (F), the words ‘‘savings bank, building and
loan association, credit union, industrial bank, or
representative of an estate and, when the Sec- other’’ are omitted as surplus. In subclause (T), the
retary prescribes, a governmental entity. words ‘‘agency of the United States Government or of
(6) ‘‘United States’’ means the States of the a State or local government’’ are substituted for ‘‘Fed-
United States, the District of Columbia, and, eral, State, or local government institution’’ for con-
when the Secretary prescribes by regulation, sistency. In subclause (U), the words ‘‘type of’’ are
the Commonwealth of Puerto Rico, the Virgin omitted as surplus. The word ‘‘agency’’ is substituted
Islands, Guam, the Northern Mariana Islands, for ‘‘institution’’ for consistency.
American Samoa, the Trust Territory of the In subsection (a)(3)(B)–(5), the word ‘‘prescribe’’ is
Pacific Islands, a territory or possession of the substituted for ‘‘specify’’ for consistency in the revised
title and with other titles of the United States Code.
United States, or a military or diplomatic es- In subsection (a)(3)(B), the words ‘‘in addition’’, and
tablishment. ‘‘and such types of’’ are omitted as surplus. The words
(b) In this subchapter— ‘‘similar material’’ are substituted for ‘‘the equivalent
(1) ‘‘domestic financial agency’’ and ‘‘domes- thereof’’ for clarity.
tic financial institution’’ apply to an action in In subsection (a)(4), the words ‘‘in addition to its
meaning under section 1 of title 1’’ are substituted for
the United States of a financial agency or in-
‘‘natural persons, partnerships, . . . associations, cor-
stitution. porations, and all entities cognizable as legal personal-
(2) ‘‘foreign financial agency’’ and ‘‘foreign ities’’ for consistency because 1:1 is applicable to all
financial institution’’ apply to an action out- laws unless otherwise provided. The words ‘‘a trustee,
side the United States of a financial agency or a representative of an estate’’ are substituted for
institution. ‘‘trusts, estates’’, and the word ‘‘entity’’ is substituted
for ‘‘department or agency’’, for consistency. The words
(c) ADDITIONAL DEFINITIONS.—For purposes of
‘‘either for the purpose of this chapter generally or any
this subchapter, the following definitions shall particular requirement thereunder’’ are omitted as sur-
apply: plus.
(1) 1 CERTAIN INSTITUTIONS INCLUDED IN DEFI- In subsection (a)(5), the words ‘‘used in a geographic
NITION.—The term ‘‘financial institution’’ (as sense’’ are omitted because of the restatement. The
defined in subsection (a)) includes the fol- words ‘‘either for the purposes of this chapter generally
lowing: or any particular requirement thereunder’’ are omitted
(A) 2 Any futures commission merchant, as surplus. The words ‘‘territory or’’ are added for con-
commodity trading advisor, or commodity sistency.
pool operator registered, or required to reg- Subsection (b) is substituted for 31:1052(f) and (h) to
eliminate unnecessary words and for consistency.
ister, under the Commodity Exchange Act.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 995; Pub. AMENDMENT OF SUBSECTION (a)(2)
L. 99–570, title I, § 1362, Oct. 27, 1986, 100 Stat. Pub. L. 116–283, div. F, title LXI, § 6110(a),
3207–33; Pub. L. 100–690, title VI, § 6185(a), (g)(1), Jan. 1, 2021, 134 Stat. 4561, provided that, effec-
Nov. 18, 1988, 102 Stat. 4354, 4357; Pub. L. 103–325, tive on the effective date of the final rules
title IV, §§ 405, 409, Sept. 23, 1994, 108 Stat. 2247, issued by the Secretary of the Treasury pursu-
2252; Pub. L. 107–56, title III, §§ 321(a), (b), 359(a), ant to section 6110(b) of Pub. L. 116–283 (set out
365(c)(1), (2)(A), Oct. 26, 2001, 115 Stat. 315, 328, below), subsection (a)(2) of this section is
335; Pub. L. 108–458, title VI, §§ 6202(g), 6203(b), amended—
Dec. 17, 2004, 118 Stat. 3746; Pub. L. 116–283, div. (1) by redesignating subparagraphs (Y) and
F, title LXI, §§ 6102(d)(1), 6110(a)(1), Jan. 1, 2021, (Z) as subparagraphs (Z) and (AA), respec-
134 Stat. 4553, 4561.) tively; and
(2) by inserting after subparagraph (X) the
HISTORICAL AND REVISION NOTES following:
Revised ‘‘(Y) a person engaged in the trade of antiq-
Source (U.S. Code) Source (Statutes at Large)
Section uities, including an advisor, consultant, or any
5312(a)(1) 31:1052(a), (b), (g), Oct. 26, 1970, Pub. L. 91–508,
other person who engages as a business in the
(i). § 203(a)–(i), (l), 84 Stat. 1118. solicitation or the sale of antiquities, subject to
5312(a)(2) 31:1052(e).
5312(a)(3) 31:1052(l). regulations prescribed by the Secretary;’’.
5312(a)(4) 31:1052(c). See 2021 Amendment note and Rulemaking
5312(a)(5) 31:1052(d).
5312(b) ..... 31:1052(f), (h). note below.
In subsection (a)(1), the text of 31:1052(a) is omitted as Editorial Notes
unnecessary. The text of 31:1052(b) is omitted because of
the restatement. The text of 31:1052(i) is omitted as un- REFERENCES IN TEXT
necessary because the source provision is restated The Securities Exchange Act of 1934, referred to in
where necessary in the revised subchapter. subsec. (a)(2)(G), is act June 6, 1934, ch. 404, 48 Stat. 881,
In subsection (a)(2), (3), (4), and (5), the words ‘‘the which is classified principally to chapter 2B (§ 78a et
Secretary . . . prescribes’’ are substituted for ‘‘speci- seq.) of Title 15, Commerce and Trade. For complete
fied by the Secretary by regulation’’, ‘‘as the Secretary classification of this Act to the Code, see section 78a of
may by regulation specify’’, ‘‘specified by the Sec- Title 15 and Tables.
retary’’, and ‘‘the Secretary shall by regulation speci- The Indian Gaming Regulatory Act, referred to in
fy’’ for consistency. subsec. (a)(2)(X)(ii), is Pub. L. 100–497, Oct. 17, 1988, 102
In subsection (a)(2) and (3), the words ‘‘for the pur- Stat. 2467, which is classified principally to chapter 29
poses of the provision of this chapter to which the regu- (§ 2701 et seq.) of Title 25, Indians. Section 4(6) of the
lation relates’’ are omitted as surplus. Act is classified to section 2703(6) of Title 25. For com-
plete classification of this Act to the Code, see Short
1 So in original. No par. (2) has been enacted. Title note set out under section 2701 of this title and
2 So in original. No subpar. (B) has been enacted. Tables.
§ 5313 TITLE 31—MONEY AND FINANCE Page 446
The Commodity Exchange Act, referred to in subsec. of title 31, United States Code, as added by paragraph
(c)(1)(A), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which (1), shall take effect on the effective date of the final
is classified generally to chapter 1 (§ 1 et seq.) of Title rules issued by the Secretary of the Treasury pursuant
7, Agriculture. For complete classification of this Act to subsection (b) [see note below].’’
to the Code, see section 1 of Title 7 and Tables.
EFFECTIVE DATE OF 2004 AMENDMENT
AMENDMENTS
Amendment by Pub. L. 108–458 effective as if included
2021—Subsec. (a)(1). Pub. L. 116–283, § 6102(d)(1)(A), in Pub. L. 107–56, as of the date of enactment of such
substituted ‘‘, a transaction in money, credit, securi- Act, and no amendment made by Pub. L. 107–56 that is
ties or gold, or a service provided with respect to inconsistent with such amendment to be deemed to
money, securities, futures, precious metals, stones and have taken effect, see section 6205 of Pub. L. 108–458, set
jewels, or value that substitutes for currency’’ for ‘‘, or out as a note under section 1828 of Title 12, Banks and
a transaction in money, credit, securities, or gold’’. Banking.
Subsec. (a)(2)(J). Pub. L. 116–283, § 6102(d)(1)(B)(i), in-
serted ‘‘, or a business engaged in the exchange of cur- RULEMAKING
rency, funds, or value that substitutes for currency or
Pub. L. 116–283, div. F, title LXI, § 6110(b), Jan. 1, 2021,
funds’’ before semicolon at end.
Subsec. (a)(2)(R). Pub. L. 116–283, § 6102(d)(i)(B)(ii), 134 Stat. 4562, provided that:
substituted ‘‘currency, funds, or value that substitutes ‘‘(1) IN GENERAL.—Not later than 360 days after the
for currency,’’ for ‘‘funds,’’. date of enactment of this Act [Jan. 1, 2021], the Sec-
Subsec. (a)(2)(Y) to (AA). Pub. L. 116–283, § 6110(a)(1), retary of the Treasury shall issue proposed rules to
added subpar. (Y) and redesignated former subpars. (Y) carry out the amendments made by subsection (a)
and (Z) as (Z) and (AA), respectively. [amending this section].
Subsec. (a)(3)(D). Pub. L. 116–283, § 6102(d)(1)(C), added ‘‘(2) CONSIDERATIONS.—Before issuing a proposed rule
subpar. (D). under paragraph (1), the Secretary of the Treasury (act-
2004—Subsec. (a)(2)(E). Pub. L. 108–458, § 6202(g), made ing through the Director of the FinCEN [Financial
technical correction to directory language of Pub. L. Crimes Enforcement Network of the Department of the
107–56, § 321(a). See 2001 Amendment note below. Treasury]), in coordination with the Federal Bureau of
Subsec. (a)(3)(C). Pub. L. 108–458, § 6203(b), substituted Investigation, the Attorney General, and Homeland Se-
‘‘sections 5316 and 5331’’ for ‘‘sections 5333 and 5316’’. curity Investigations, shall consider—
2001—Subsec. (a)(2)(E). Pub. L. 107–56, § 321(a), as ‘‘(A) the appropriate scope for the rulemaking, in-
amended by Pub. L. 108–458, § 6202(g), amended subpar. cluding determining which persons should be subject
(E) generally. Prior to amendment, subpar. (E) read as to the rulemaking, by size, type of business, domestic
follows: ‘‘an insured institution (as defined in section or international geographical locations, or otherwise;
401(a) of the National Housing Act (12 U.S.C. 1724(a)));’’. ‘‘(B) the degree to which the regulations should
Subsec. (a)(2)(R). Pub. L. 107–56, § 359(a), amended sub- focus on high-value trade in antiquities, and on the
par. (R) generally. Prior to amendment, subpar. (R) need to identify the actual purchasers of such antiq-
read as follows: ‘‘a licensed sender of money;’’. uities, in addition to the agents or intermediaries
Subsec. (a)(3)(C). Pub. L. 107–56, § 365(c)(2)(A), sub-
acting for or on behalf of such purchasers;
stituted ‘‘sections 5333 and 5316,’’ for ‘‘section 5316,’’.
Subsec. (a)(4) to (6). Pub. L. 107–56, § 365(c)(1), added ‘‘(C) the need, if any, to identify persons who are
par. (4) and redesignated former pars. (4) and (5) as (5) dealers, advisors, consultants, or any other persons
and (6), respectively. who engage as a business in the trade in antiquities;
Subsec. (c). Pub. L. 107–56, § 321(b), added subsec. (c). ‘‘(D) whether thresholds should apply in deter-
1994—Subsec. (a)(2)(X) to (Z). Pub. L. 103–325, § 409, mining which persons to regulate;
added subpar. (X) and redesignated former subpars. (X) ‘‘(E) whether certain exemptions should apply to
and (Y) as (Y) and (Z), respectively. the regulations; and
Subsec. (a)(3)(C). Pub. L. 103–325, § 405, added subpar. ‘‘(F) any other matter the Secretary determines ap-
(C). propriate.’’
1988—Subsec. (a)(2)(T) to (Y). Pub. L. 100–690, § 6185(a),
added subpars. (T) to (Y) and struck out former sub- Executive Documents
pars. (T) and (U) which read as follows:
‘‘(T) an agency of the United States Government or of TERMINATION OF TRUST TERRITORY OF THE PACIFIC
a State or local government carrying out a duty or ISLANDS
power of a business described in this clause (2), includ-
For termination of Trust Territory of the Pacific Is-
ing the United States Postal Service; or
‘‘(U) another business or agency carrying out a simi- lands, see note set out preceding section 1681 of Title
lar, related, or substitute duty or power the Secretary 48, Territories and Insular Possessions.
of the Treasury prescribes.’’
Subsec. (a)(5). Pub. L. 100–690, § 6185(g)(1), inserted a § 5313. Reports on domestic coins and currency
comma after ‘‘Puerto Rico’’ and struck out second transactions
comma after ‘‘Pacific Islands’’.
1986—Subsec. (a)(2)(T). Pub. L. 99–570, § 1362(a), which (a) When a domestic financial institution is in-
directed that the Postal Service be included within volved in a transaction for the payment, receipt,
United States agencies by amending subsec. (a)(2)(U) of or transfer of United States coins or currency
this section by inserting before the semicolon at the (or other monetary instruments the Secretary
end thereof the following ‘‘, including the United of the Treasury prescribes), in an amount, de-
States Postal Service’’, was executed to subsec. nomination, or amount and denomination, or
(a)(2)(T) of this section as the probable intent of Con-
under circumstances the Secretary prescribes by
gress, because subsec. (a)(2)(U) does not contain a semi-
colon and subsec. (a)(2)(T) relates to United States regulation, the institution and any other partic-
agencies. ipant in the transaction the Secretary may pre-
Subsec. (a)(5). Pub. L. 99–570, § 1362(b), inserted ‘‘the scribe shall file a report on the transaction at
Virgin Islands, Guam, the Northern Mariana Islands, the time and in the way the Secretary pre-
American Samoa, the Trust Territory of the Pacific Is- scribes. A participant acting for another person
lands,’’ after ‘‘Puerto Rico’’. shall make the report as the agent or bailee of
the person and identify the person for whom the
Statutory Notes and Related Subsidiaries
transaction is being made.
EFFECTIVE DATE OF 2021 AMENDMENT (b) The Secretary may designate a domestic fi-
Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), Jan. 1, nancial institution as an agent of the United
2021, 134 Stat. 4562, provided that: ‘‘Section 5312(a)(2)(Y) States Government to receive a report under