
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 107-56 Section 361(b)]
[CITE: 31USC5314]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                    CHAPTER 53--MONETARY TRANSACTIONS
 
 SUBCHAPTER II--RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
 
Sec. 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:
        (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.)

                                          Historical and Revision Notes
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           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
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5314(a)..............................  31:1121(a).                     Oct. 26,
 1970, Pub. L. 91-508, Secs.
                                                                        241, 24
2, 84 Stat. 1124.
5314(b)..............................  31:1122.
5314(c)..............................  31:1121(b).
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    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.

                  Section Referred to in Other Sections

    This section is referred to in sections 5319, 5321 of this title.
