§ 5330. Registration of money transmitting businesses
(a)
Registration With Secretary of the Treasury Required.—
(1)
In general.—
Any person who owns or controls a money transmitting business shall register the business (whether or not the business is licensed as a money transmitting business in any State) with the Secretary of the Treasury not later than the end of the 180-day period beginning on the later of—
(2)
Form and manner of registration.—
Subject to the requirements of subsection (b), the Secretary of the Treasury shall prescribe, by regulation, the form and manner for registering a money transmitting business pursuant to paragraph (1).
(b)
Contents of Registration.—
The registration of a money transmitting business under subsection (a) shall include the following information:
(3)
The name and address of any depository institution at which the business maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act).
(c)
Agents of Money Transmitting Businesses.—
(1)
Maintenance of lists of agents of money transmitting businesses.—
Pursuant to regulations which the Secretary of the Treasury shall prescribe, each money transmitting business shall—
(2)
Treatment of agent as money transmitting business.—
The Secretary of the Treasury shall prescribe regulations establishing, on the basis of such criteria as the Secretary determines to be appropriate, a threshold point for treating an agent of a money transmitting business as a money transmitting business for purposes of this section.
(d)
Definitions.—
For purposes of this section, the following definitions shall apply:
(1)
Money transmitting business.—
The term “money transmitting business” means any business other than the United States Postal Service which—
(A)
provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers’ checks, and other similar instruments or any other person who engages as a business in the transmission of funds, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system;; [1]
(2)
Money transmitting service.—
The term “money transmitting service” includes accepting currency or funds denominated in the currency of any country and transmitting the currency or funds, or the value of the currency or funds, by any means through a financial agency or institution, a Federal reserve bank or other facility of the Board of Governors of the Federal Reserve System, or an electronic funds transfer network.
(e)
Civil Penalty for Failure To Comply With Registration Requirements.—
(1)
In general.—
Any person who fails to comply with any requirement of this section or any regulation prescribed under this section shall be liable to the United States for a civil penalty of $5,000 for each such violation.
(2)
Continuing violation.—
Each day a violation described in paragraph (1) continues shall constitute a separate violation for purposes of such paragraph.
(3)
Assessments.—
Any penalty imposed under this subsection shall be assessed and collected by the Secretary of the Treasury in the manner provided in section
5321 and any such assessment shall be subject to the provisions of such section.
[1] So in original.