§ 5314. Records and reports on foreign financial agency transactions
(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:
(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;
(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.