§ 5314. Records and reports on foreign financial agency transactions
613 words·~3 min read·
/usc/title-31/section-5314A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Considering the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a foreign financial agency, the Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency. The records and reports shall contain the following information in the way and to the extent the Secretary prescribes:
(1)the identity and address of participants in a transaction or relationship.
(2)the legal capacity in which a participant is acting.
(3)the identity of real parties in interest.
(4)a description of the transaction.
(b)The Secretary may prescribe—
(1)a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section;
(2)a foreign country to which a requirement or a regulation under this section applies if the Secretary decides applying the requirement or regulation to all foreign countries is unnecessary or undesirable;
(3)the magnitude of transactions subject to a requirement or a regulation under this section;
(4)the kind of transaction subject to or exempt from a requirement or a regulation under this section; and
(5)other matters the Secretary considers necessary to carry out this section or a regulation under this section.
(c)A person shall be required to disclose a record required to be kept under this section or under a regulation under this section only as required by law.
(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 997.)
In subsection (a), before clause (1), the words “currency or other”, “legitimately”, “by regulation”, and “directly or indirectly” are omitted as surplus. The words “for any person” are substituted for “on behalf of himself or another” to eliminate unnecessary words. The words “and to the extent” are substituted for “and in such detail” for clarity. In clauses
(1)and (2), the words “participants” and “participant” are substituted for “parties” for consistency. In clause (2), the words “to the transaction or relationship” are omitted as surplus. In clause (3), the words “if one or more of the parties are not acting solely as principals” are omitted as surplus. In clause (4), the words “including the amounts of money, credit, or other property involved” are omitted as surplus.
In subsection (b), the words “or a regulation under this section” are added because of the restatement. The words “or does not apply” and “uniform” in clause
(2)are omitted as surplus. In clause (5), the words “carry out” are substituted for “the application of” for consistency.
In subsection (c), the words “produce or otherwise . . . the contents of” and “in compliance with a subpena or summons duly authorized and issued or . . . may otherwise be” are omitted as surplus. The words “under a regulation” are added because of the restatement.
Connections85 cite this · traces to 1
Cited by 85 sections · top 38
IRM
- IRM 4.26.17Report of Foreign Bank and Financial Accounts (FBAR) Procedures
- IRM 4.26.16Report of Foreign Bank and Financial Accounts (FBAR)
- IRM 5.9.4Common Bankruptcy Issues
- IRM 4.25.11Special Examination Procedures
- IRM 9.1.3Criminal Statutory Provisions and Common Law
- IRM 4.26.7Bank Secrecy Act Penalties
- IRM 5.21.6Foreign Financial Account Reporting
- IRM 4.63.2LB&I WEIIC Practice Network Knowledge Management
- IRM 8.11.6FBAR Penalties
- IRM 4.63.4International Individual Compliance Examination Procedures
register
- Rules and RegulationsFinal rule
- Rules and RegulationsNotice
- Rules and RegulationsFinal rule
- NoticesNotice
- NoticesNotice and request for comments
- NoticesNotice and request for comments
- Presidential DocumentsIntroduction to the Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions
- NoticesNotice and request for comments
- Proposed RulesNotice of proposed rulemaking
- Proposed RulesNotice of proposed rulemaking (“NPRM”)
- NoticesNotice and request for comments
- Rules and RegulationsFinal rule
- NoticesNotice and request for comments
- Rules and RegulationsProposed rule
- NoticesNotice of information collection; request for comment
- NoticesNotice of proposed rulemaking with request for public comment
- NoticesNotice and request for comments
- Rules and RegulationsNotice of proposed rulemaking
- Proposed RulesNotice of proposed rulemaking
- NoticesFinal rule
- NoticesTemporary regulations
- Rules and RegulationsFinal rule
statute-compilations
Traces to 1 document
4 references not yet in our index
- Pub. L. 97–258
- 96 Stat. 997
- Pub. L. 107–56, title III, § 361(b)
- 115 Stat. 332
Citation graph
cites case law
§ 5314
Records and reports on foreign financial agency transactions
Fed. Reg.×54
IRM×24
C.F.R.×3
U.S.C.×2
Stat. Comp.×1
Stat.×1
Pub. L.Pub. L. 97–258
Stat.96 Stat. 997
Pub. L.Pub. L. 107–56, title III, § 361(b)
Stat.115 Stat. 332
Cites 5Cited by 85 across 6 sources