Sec. 7208. Additional damages for repeat Bank Secrecy Act violators
166 words·~1 min read·
/bill/116/hr/6395/pcs/section-7208·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5321 of title 31, United States Code, as amended by section 7208, is further amended by adding at the end the following: In addition to any other fines permitted by this section and section 5322, with respect to a person who has previously been convicted of a criminal provision of (or rule issued under) the Bank Secrecy Act or who has admitted, as part of a deferred- or non-prosecution agreement, to having previously committed a violation of a criminal provision of (or rule issued under) the Bank Secrecy Act, the Secretary may impose an additional civil penalty against such person for each additional such violation in an amount equal to up three times the profit gained or loss avoided by such person as a result of the violation. .
For purposes of determining whether a person has committed a previous violation under section 5321(g) of title 31, United States Code, such determination shall only include violations occurring after the date of enactment of this Act.