§ 5313. Reports on domestic coins and currency transactions
(a)
When a domestic financial institution is involved in a transaction for the payment, receipt, or transfer of United States coins or currency (or other monetary instruments the Secretary of the Treasury prescribes), in an amount, denomination, or amount and denomination, or under circumstances the Secretary prescribes by regulation, the institution and any other participant in the transaction the Secretary may prescribe shall file a report on the transaction at the time and in the way the Secretary prescribes. A participant acting for another person shall make the report as the agent or bailee of the person and identify the person for whom the transaction is being made.
(b)
The Secretary may designate a domestic financial institution as an agent of the United States Government to receive a report under this section. However, the Secretary may designate a domestic financial institution that is not insured, chartered, examined, or registered as a domestic financial institution only if the institution consents. The Secretary may suspend or revoke a designation for a violation of this subchapter or a regulation under this subchapter (except a violation of section
5315 of this title or a regulation prescribed under section
5315), section 411 [1] of the National Housing Act (12 U.S.C. 1730d), or section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b).
(c)
(d)
Mandatory Exemptions From Reporting Requirements.—
(1)
In general.—
The Secretary of the Treasury shall exempt, pursuant to section
5318
(a)(6), a depository institution from the reporting requirements of subsection (a) with respect to transactions between the depository institution and the following categories of entities:
(B)
A department or agency of the United States, any State, or any political subdivision of any State.
(2)
Notice of exemption.—
The Secretary of the Treasury shall publish in the Federal Register at such times as the Secretary determines to be appropriate (but not less frequently than once each year) a list of all the entities whose transactions with a depository institution are exempt under this subsection from the reporting requirements of subsection (a).
(e)
Discretionary Exemptions From Reporting Requirements.—
(1)
In general.—
The Secretary of the Treasury may exempt, pursuant to section
5318
(a)(6), a depository institution from the reporting requirements of subsection (a) with respect to transactions between the depository institution and a qualified business customer of the institution on the basis of information submitted to the Secretary by the institution in accordance with procedures which the Secretary shall establish.
(2)
Qualified business customer defined.—
For purposes of this subsection, the term “qualified business customer” means a business which—
(A)
maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act) at the depository institution;
(3)
Criteria for exemption.—
The Secretary of the Treasury shall establish, by regulation, the criteria for granting and maintaining an exemption under paragraph (1).
(4)
Guidelines.—
(5)
Annual review.—
The Secretary of the Treasury shall prescribe regulations requiring each depository institution to—
(6)
2-year phase-in provision.—
During the 2-year period beginning on the date of enactment of the Money Laundering Suppression Act of 1994, this subsection shall be applied by the Secretary on the basis of such criteria as the Secretary determines to be appropriate to achieve an orderly implementation of the requirements of this subsection.
(f)
Provisions Applicable to Mandatory and Discretionary Exemptions.—
(1)
Limitation on liability of depository institutions.—
No depository institution shall be subject to any penalty which may be imposed under this subchapter for the failure of the institution to file a report with respect to a transaction with a customer for whom an exemption has been granted under subsection (d) or (e) unless the institution—
(2)
Coordination with other provisions.—
Any exemption granted by the Secretary of the Treasury under section
5318
(a) in accordance with this section, and any transaction which is subject to such exemption, shall be subject to any other provision of law applicable to such exemption, including—
(g)
Depository Institution Defined.—
For purposes of this section, the term “depository institution”—
[1] See References in Text note below.