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8000 - Miscellaneous Statutes and Regulations
Subpart EGeneral Provisions
§ 103.51 Dollars as including foreign currency.
Wherever in this part an amount is stated in dollars, it shall be
deemed to mean also the equivalent amount in any foreign currency.
[Codified to 31 C.F.R. § 103.51]
[Section 103.41 redesignated as 103.51 at 64 Fed. Reg.
45451, August 20, 1999 effective September 20,
1999]
§ 103.52 Photographic or other reproductions of Government
obligations.
Nothing herein contained shall require or authorize the microfilming
or other reproduction of
(a) Currency or other obligation or security of the United States
as defined in 18 U.S.C. 8, or
(b) Any obligation or other security of any foreign government, the
reproduction of which is prohibited by law.
[Codified to 31 C.F.R. § 103.52]
[Section 103.42 redesignated as section 103.52 at 64 Fed.
Reg. 45451, August 20, 1999, effective September 20,
1999]
§ 103.53 Availability of information.
(a) The Secretary may within his discretion disclose information
reported under this part for any reason consistent with the purposes of
the Bank Secrecy Act, including those set forth in paragraphs (b)
through (d) of this section.
(b) The Secretary may make any information set forth in any report
received pursuant to this part available to another agency of the
United States, to an agency of a state or local government or to an
agency of a foreign government, upon the request of the head of such
department or agency made in writing and stating the particular
information desired, the criminal, tax or regulatory purpose for which
the information is sought, and the official need for the information.
(c) The Secretary may make any information set forth in any report
received pursuant to this part available to the Congress, or any
committee or subcommittee thereof, upon a written request stating the
particular information desired, the criminal, tax or regulatory purpose
for which the information is sought, and the official need for the
information.
(d) The Secretary may make any information set forth in any report
received pursuant to this part available to any other department or
agency of the United States that is a member of the Intelligence
Community, as defined by Executive Order 12333 or any succeeding
executive order, upon the request of the head of such department or
agency made in writing and stating the particular information desired,
the national security matter with which the information is sought and
the official need therefor.
(e) Any information made available under this section to other
departments or agencies of the United States, any state or local
government, or any foreign government shall be received by them in
confidence, and shall not be disclosed to any person except for
official purposes relating to the investigation, proceeding or matter
in connection with which the information is sought.
(f) The Secretary may require that a state or local government
department or agency requesting information under paragraph (b) of this
section pay fees to reimburse the
{{2-27-04 p.8509}}Department of the Treasury
for costs incidental to such disclosure. The amount of such fees will
be set in accordance with the statute on fees for government services,
31 U.S.C. 9701.
(Approved by the Office of Management and Budget under
control number 1505--0104)
[Codified to 31 C.F.R. § 103.53]
[Section 103.43 amended at 38 Fed. Reg. 2176, January 22,
1973, effective January 17, 1973; 50 Fed. Reg. 42693, October 22, 1985,
effective November 21, 1985; 50 Fed. Reg. 46283, November 7, 1985; 52
Fed. Reg. 35545, September 22, 1987, effective October 22, 1987;
redesignated as section 103.53 at 64 Fed. Reg. 45451, August 20, 1999,
effective September 20, 1999]
§ 103.54 Disclosure.
All reports required under this part and all records of such reports
are specifically exempted from disclosure under
section 552 of title 5, United
States Code.
[Codified to 31 C.F.R. § 103.54]
[Section 103.44 redesignated as section 103.54 at 64 Fed.
Reg. 45451, August 20, 1999, effective September 20,
1999]
§ 103.55 Exceptions, exemptions, and reports.
(a) The Secretary, in his sole discretion, may by written order or
authorization make exceptions to or grant exemptions from the
requirements of this part. Such exceptions or exemptions may be
conditional or unconditional, may apply to particular persons or to
classes of persons, and may apply to particular transactions or classes
of transactions. They shall, however, be applicable only as expressly
stated in the order of authorization, and they shall be revocable in
the sole discretion of the Secretary.
(b) The Secretary shall have authority to further define all terms
used herein.
(c)(1) The Secretary may, as an alternative to the reporting and
recordkeeping requirements for casinos in
§§ 103.22(a)(2) and
103.25(a)(2), and
103.36, grant exemptions to
the casinos in any state whose regulatory system substantially meets
the reporting and recordkeeping requirements of this part.
(2) In order for a state regulatory system to qualify for an
exemption on behalf of its casinos, the state must provide:
(i) That the Treasury Department be allowed to evaluate the
effectiveness of the state's regulatory system by periodic oversight
review of that system;
(ii) That the reports required under the state's regulatory
system be submitted to the Treasury Department within 15 days of
receipt by the state.
(iii) That any records required to be maintained by the casinos
relevant to any matter under this part and to which the state has
access or maintains under its regulatory system be made available to
the Treasury Department within 30 days of request.
(iv) That the Treasury Department be provided with periodic
status reports on the state's compliance efforts and findings;
(v) That all but minor violations of the state requirements be
reported to Treasury within 15 day of discovery; and
(vi) That the state will initiate compliance examinations of
specific institutions at the request of Treasury within a reasonable
time, not to exceed 90 days where appropriate, and will provide reports
of these examinations to Treasury within 15 days of completion or
periodically during the course of the examination upon the request of
the Secretary. If for any reason the state were not able to conduct an
investigation within a reasonable time, the state will permit Treasury
to conduct the investigation.
(3) Revocation of any exemption under this subsection shall be in
the sole discretion of the Secretary.
[Codified to 31 C.F.R. § 103.55]
[Section 103.45 amended at 38 Fed. Reg. 2176, January 22,
1973, effective January 17, 1973; 50 Fed. Reg. 5069, February 6, 1985,
effective May 7, 1985; 50 Fed. Reg. 36875, September 10, 1985;
redesignated as section 103.55 at 64 Fed. Reg. 45451, August 20, 1999,
effective September 20, 1999]
{{2-27-04 p.8510}}
§ 103.56 Enforcement.
(a) Overall authority for enforcement and compliance, including
coordination and direction of procedures and activities of all other
agencies exercising delegated authority under this part, is delegated
to the Assistant Secretary (Enforcement).
(b) Authority to examine institutions to determine compliance with
the requirements of this part is delegated as follows:
(1) To the Comptroller of the Currency with respect to those
financial institutions regularly examined for safety and soundness by
national bank examiners;
(2) To the Board of Governors of the Federal Reserve System with
respect to those financial institutions regularly examined for safety
and soundness by Federal Reserve bank examiners;
(3) To the Federal Deposit Insurance Corporation with respect to
those financial institutions regularly examined for safety and
soundness by FDIC bank examiners;
(4) To the Federal Home Loan Bank Board with respect to those
financial institutions regularly examined for safety and soundness by
FHLBB bank examiners;
(5) To the Chairman of the Board of the National Credit Union
Administration with respect to those financial institutions regularly
examined for safety and soundness by NCUA examiners;
(6) To the Securities and Exchange Commission with respect to
brokers and dealers in securities and investment companies as that term
is defined in the Investment Company Act of 1940 (15 U.S.C. 80--1 et
seq.);
(7) To the Commissioner of Customs with respect to §§ 102.23
and 103.58;
(8) To the Commissioner of Internal Revenue with respect to all
financial institutions, except brokers or dealers in securities,
futures commission merchants, introducing brokers in commodities, and
commodity trading advisors, not currently examined by Federal bank
supervisory agencies for soundness and safety; and
(9) To the Commodity Futures Trading Commission with respect to
futures commission merchants, introducing brokers in commodities, and
commodity trading advisors.
(c) Authority for investigating criminal violations of this part is
delegated as follows:
(1) To the Commissioner of Customs with respect to § 103.23;
(2) To the Commissioner of Internal Revenue except with respect
to § 103.23.
(d) Authority for the imposition of civil penalties for violations
of this part lies with the Assistant Secretary, and in the Assistant
Secretary's absence, the Deputy Assistant Secretary (Law Enforcement).
(e) Periodic reports shall be made to the Assistant Secretary by
each agency to which compliance authority has been delegated under
paragraph (b) of this section. These reports shall be in such a form
and submitted at such intervals as the Assistant Secretary may direct.
Evidence of specific violations of any of the requirements of this part
may be submitted to the Assistant Secretary at any time.
(f) The Assistant Secretary or his delegate, and any agency to
which compliance has been delegated under paragraph (b) of this
section, may examine any books, papers, records, or other data of
domestic financial institutions relevant to the recordkeeping or
reporting requirements of this part.
(g) The authority to enforce the provisions of 31 U.S.C. 5314 and
§§ 103.24 and 103.32 of this part has been redelegated from FinCEN
to the Commissioner of Internal Revenue by means of a Memorandum of
Agreement between FinCEN and IRS. Such authority includes, with respect
to 31 U.S.C. 5314 and §§ 103.24 and 103.32 of this part, the
authority to: assess and collect civil penalties under 31 U.S.C. 5321
and 31 CFR 103.57; investigate possible civil violations of these
provisions (in addition to the authority already provided at paragraph
(c)(2)) of this section); employ the summons power of subpart F of part
103; issue administrative rulings under subpart G of part 103; and take
any other action reasonably necessary for the enforcement of these and
related provisions, including pursuit of injunctions.
[Codified to 31 C.F.R. § 103.56]
[Section 103.46 amended at 42 Fed. Reg. 33033, June 29,
1977, effective June 14, 1977; 44 Fed. Reg. 13478, March 12, 1979,
effective March 5, 1979; 44 Fed. Reg. 24285, April
{{2-27-04 p.8510.01}}25, 1979; 50
Fed. Reg. 42693, October 22, 1985, effective November 21, 1985; 52 Fed.
Reg. 11445, April 8, 1987, effective May 8, 1987; redesignated as
section 103.56 and
amended at 64 Fed. Reg. 45451,
August 20, 1999, effective September 20, 1999; 67 Fed. Reg. 21121,
April 29, 2002, effective April 24, 2002; 68 Fed. Reg. 26489, May 16,
2003; 68 Fed. Reg. 65399, November 20, 2003, effective December 22,
2003]
§ 103.57 Civil penalty.
(a) For any willful violation, committed on or before October 12,
1984, of any reporting requirement for financial institutions under
this part or of any recordkeeping requirements of
§ 103.22, the Secretary
may assess upon any domestic financial institution, and upon any
partner, director, officer, or employee thereof who willfully
participates in the violation, a civil penalty not to exceed $1,000.
(b) For any willful violation committed after October 12, 1984 and
before October 28, 1986, of any reporting requirement for financial
institutions under this part or of the
{{8-31-99 p.8511}}recordkeeping requirements
of § 103.32, the
Secretary may assess upon any domestic financial institution, and upon
any partner, director, officer, or employee thereof who willfully
participates in the violation, a civil penalty not to exceed $10,000.
(c) For any willful violation of any recordkeeping requirement for
financial institutions, except violations of § 103.32, under this
part, the Secretary may assess upon any domestic financial institution,
and upon any partner, director, officer, or employee thereof who
willfully participates in the violation, a civil penalty not to exceed
$1,000.
(d) For any failure to file a report required under
§ 103.23 or for filing
such a report containing any material omission or misstatement, the
Secretary may assess a civil penalty up to the amount of the currency
or monetary instruments transported, mailed or shipped, less any amount
forfeited under § 103.58.
(e) For any willful violation of
§ 103.63 committed after
January 26, 1987, the Secretary may assess upon any person a civil
penalty not to exceed the amount of coins and currency involved in the
transaction with respect to which such penalty is imposed. The amount
of any civil penalty assessed under this paragraph shall be reduced by
the amount of any forfeiture to the United States in connection with
the transaction for which the penalty was imposed.
(f) For any willful violation committed after October 27, 1986, of
any reporting requirement for financial institutions under this part
(except §§ 103.24,
103.25 or
103.32), the Secretary may
assess upon any domestic financial institution, and upon any partner,
director, officer, or employee thereof who willfully participates in
the violation, a civil penalty not to exceed the greater of the amount
(not to exceed $100,000) involved in the transaction or $25,000.
(g) For any willful violation committed after October 27, 1986, of
any requirement of §§ 103.24, 103.25, or 103.32, the Secretary may
assess upon any person, a civil penalty:
(1) In the case of a violation of § 103.25 involving a
transaction, a civil penalty not to exceed the greater of the amount
(not to exceed $100,000) of the transaction, or $25,000; and
(2) In the case of a violation of §§ 103.24 or 103.32
involving a failure to report the existence of an account or any
identifying information required to be provided with respect to such
account, a civil penalty not to exceed the greater of the amount (not
to exceed $100,000) equal to the balance in the account at the time of
the violation, or $25,000.
(h) For each negligent violation of any requirement of this part,
committed after October 27, 1986, the Secretary may assess upon any
financial institution a civil penalty not to exceed $500.
[Codified to 31 C.F.R. § 103.57]
[Section 103.47 amended at 50 Fed. Reg. 18479, May 1, 1985,
effective May 31, 1985; 52 Fed. Reg. 11446, April 8, 1987, effective
May 8, 1987; 52 Fed. Reg. 12641-12659, April 17, 1987; redesignated as
section 103.57 and amended at 64 Fed. Reg. 45451, August 20, 1999,
effective September 20, 1999]
§ 103.58 Forfeiture of currency or monetary instruments.
Any currency or other monetary instruments which are in the process
of any transportation with respect to which a report is required under
§ 103.23 are subject to
seizure and forfeiture to the United States if such report has not been
filed as required in § 103.25, or contains material omissions or
misstatements. The Secretary may, in his sole discretion, remit or
mitigate any such forfeiture in whole or in part upon such terms and
conditions as he deems reasonable.
[Codified to 31 C.F.R. § 103.58]
[Section 103.48 redesignated as section 103.58 at 64 Fed.
Reg. 45451, August 20, 1999, effective September 20,
1999]
§ 103.59 Criminal penalty.
(a) Any person who willfully violates any provision of title I of
Pub. L. 91-508, or of this part authorized thereby may, upon conviction
thereof, be fined not more than $1,000 or
{{8-31-99 p.8512}}be
imprisoned not more than 1 year, or both. Such person may in addition,
if the violation is of any provision authorized by title I of Public
Law 91-508 and if the violation is committed in furtherance of the
commission of any violation of federal law punishable by imprisonment
for more than 1 year, be fined not more than $10,000 or be imprisoned
not more than 5 years, or both.
(b) Any person who willfully violates any provision of title II of
Pub. L. 91-508, or of this part authorized thereby, may, upon
conviction thereof, be fined not more than $250,000 or be imprisoned
not more than 5 years, or both.
(c) Any person who willfully violates any provision of title II of
Public Law 91-508, or of this part authorized thereby, where the
violation is either
(1) Committed while violating another law of the United States,
or
(2) Committed as part of a pattern of any illegal activity
involving more than $100,000 in any 12-month period, may, upon
conviction thereof, be fined not more than $500,000 or be imprisoned
not more than 10 years, or both.
(d) Any person who knowingly makes any false, fictitious or
fraudulent statement or representation in any report required by this
part may, upon conviction thereof, be fined not more than $10,000 or be
imprisoned not more than 5 years, or both.
[Codified to 31 C.F.R. § 103.59]
[Section 103.49 amended at 50 Fed. Reg. 18479, May 1, 1985,
effective May 31, 1985; 53 Fed. Reg. 4138, February 12, 1988;
redesignated as section 103.59 at 64 Fed. Reg. 45451, August 20, 1999,
effective September 20, 1999]
§ 103.60 Enforcement authority with respect to transportation
of currency or monetary instruments.
(a) If a customs officer has reasonable cause to believe that there
is a monetary instrument being transported without the filing of the
report required by
§§ 103.23 and
103.25 of this chapter, he
may stop and search, without a search warrant, a vehicle, vessel,
aircraft, or other conveyance, envelope or other container, or person
entering or departing from the United States with respect to which or
whom the officer reasonably believes is transporting such instrument.
(b) If the Secretary has reason to believe that currency or
monetary instruments are in the process of transportation and with
respect to which a report required under § 103.23 has not been filed
or contains material omissions or misstatements, he may apply to any
court of competent jurisdiction for a search warrant. Upon a showing of
probable cause, the court may issue a warrant authorizing the search of
any or all of the following:
(1) One or more designated persons.
(2) One or more designated or described places or premises.
(3) One or more designated or described letters, parcels,
packages, or other physical objects.
(4) One or more designated or described vehicles. Any application
for a search warrant pursuant to this section shall be accompanied by
allegations of fact supporting the application.
(c) This section is not in derogation of the authority of the
Secretary under any other law or regulation.
[Codified to 31 C.F.R. § 103.60]
[Section 103.50 amended at 50 Fed. Reg. 18479, May 1,
1985, effective May 31, 1985; redesignated as section 103.60 at 64 Fed.
Reg. 45451, August 20, 1999, effective September 20,
1999]
§ 103.61 Access to records.
Except as provided in
§§ 103.34(a)(1),
103.35(a)(1), and
103.36(a) and except for
the purpose of assuring compliance with the recordkeeping and reporting
requirements of this part, this part does not authorize the Secretary
or any other person to inspect or review the
{{10-31-02 p.8513}}records required
to be maintained by subpart C of this part. Other inspection, review or
access to such records is governed by other applicable law.
[Codified to 31 C.F.R. § 103.61]
[Section 103.51 added at 38 Fed. Reg. 2176, January 22,
1973, effective January 17, 1973; amended at 50 Fed. Reg. 5069,
February 6, 1985 effective May 7, 1985; redesignated as section 103.61
at 64 Fed. Reg. 45451, August 20, 1999, effective September 20,
1999]
§ 103.62 Rewards for informants.
(a) If an individual provides original information which leads to a
recovery of a criminal fine, civil penalty, or forfeiture, which
exceeds $50,000, for a violation of the provisions of the Act or of
this part, the Secretary may pay a reward to that individual.
(b) The Secretary shall determine the amount of the reward to be
paid under this section; however, any reward paid may not be more than
25 percent of the net amount of the fine, penalty or forfeiture
collected, or $150,000, whichever is less.
(c) An officer or employee of the United States, a State, or a
local government who provides original information described in
paragraph (a) in the performance of official duties is not eligible for
a reward under this section.
[Codified to 31 C.F.R. § 103.62]
[Section 103.52 added at 50 Fed. Reg. 18479, May 1, 1985,
effective May 31, 1985; redesignated as section 103.62 at 64 Fed. Reg.
45451, August 20, 1999, effective September 20,
1999]
§ 103.63 Structured transactions.
No person shall for the purpose of evading the reporting
requirements of § 103.22
with respect to such transaction--
(a) Cause or attempt to cause a domestic financial institution to
fail to file a report required under § 103.22;
(b) Cause or attempt to cause a domestic financial institution to
file a report required under § 103.22 that contains a material
omission or misstatement of fact; or
(c) Structure (as that term is defined in
§ 103.11(n) of this part)
or assist in structuring, or attempt to structure or assist in
structuring, any transaction with one or more domestic financial
institutions.
[Codified to 12 C.F.R. § 103.63]
[Section 103.53 added at 52 Fed. Reg. 11446, April 8,
1987, effective May 8, 1987; 54 Fed. Reg. 3027, January 23, 1989,
effective February 22, 1989; redesignated as section 103.63 at 64 Fed.
Reg. 45451, August 20, 1999, effective September 20,
1999]
§ 103.64 Special rules for casinos.
(a) Compliance programs. (1) Each casino shall develop
and implement a written program reasonably designed to assure and
monitor compliance with the requirements set forth in 31 U.S.C. chapter
53, subchapter II and the regulations contained in this part.
(2) At a minimum, each compliance program shall provide for:
(i) A system of internal controls to assure ongoing compliance;
(ii) Internal and/or external independent testing for compliance.
The scope and frequency of the testing shall be commensurate with the
money laundering and terrorist financing risks posed by the products
and services provided by the casino;
(iii) Training of casino personnel, including training in the
identification of unusual or suspicious transactions, to the extent
that the reporting of such transactions is required by this part, by
other applicable law or regulation, or by the casino's own
administrative and compliance policies;
(iv) An individual or individuals to assure day-to-day
compliance;
(v) Procedures for using all available information to determine:
(A) When required by this part, the name, address, social
security number, and other information, and verification of the same,
of a person;
{{10-31-02 p.8514}}
(B) The occurrence of any transactions or patterns of
transactions required to be reported pursuant to § 103.21;
(C) Whether any record as described in subpart C of this part
must be made and retained; and
(vi) For casinos that have automated data processing systems, the
use of automated programs to aid in assuring compliance.
(b) Special terms. As used in this part, as applies to
casinos:
(1) Business year means the annual accounting period,
such as a calendar or fiscal year, by which a casino maintains its
books and records for purposes of subtitle A of title 26 of the United
States Code.
(2) Casino account number means any and all numbers by
which a casino identifies a customer.
(3) Customer includes every person which is involved
in a transaction to which this part applies with a casino, whether or
not that person participates, or intends to participate, in the gaming
activities offered by that casino.
(4) Gaming day means the normal business day of a
casino. For a casino that offers 24 hour gaming, the term means that 24
hour period by which the casino keeps its books and records for
business, accounting, and tax purposes. For purposes of the regulations
contained in this part, each casino may have only one gaming day,
common to all of its divisions.
(5) Machine-readable means capable of being read by an
automated data processing system.
[Codified to 31 C.F.R. § 103.64]
[Section 103.54 added at 58 Fed. Reg. 13549, March 12,
1993, effective March 1, 1994; amended at 58 Fed. Reg. 45263, August
27, 1993, effective March 1, 1994; 59 Fed. Reg. 61662, December 1,
1994; 60 Fed. Reg. 33725, June 29, 1995; redesignated as section 103.64
at 64 Fed. Reg. 45451, August 20, 1999, effective September 20, 1999;
67 Fed. Reg. 60730, September 26, 2002, effective October 28,
2002]
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