
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 359(b)]
[CITE: 31USC5330]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                    CHAPTER 53--MONETARY TRANSACTIONS
 
 SUBCHAPTER II--RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
 
Sec. 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--
            (A) the date of enactment of the Money Laundering 
        Suppression Act of 1994; or
            (B) the date on which the business is established.

        (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).
        (3) Businesses remain subject to state law.--This section shall 
    not be construed as superseding any requirement of State law 
    relating to money transmitting businesses operating in such State.
        (4) False and incomplete information.--The filing of false or 
    materially incomplete information in connection with the 
    registration of a money transmitting business shall be considered as 
    a failure to comply with the requirements of this subchapter.

    (b) Contents of Registration.--The registration of a money 
transmitting business under subsection (a) shall include the following 
information:
        (1) The name and location of the business.
        (2) The name and address of each person who--
            (A) owns or controls the business;
            (B) is a director or officer of the business; or
            (C) otherwise participates in the conduct of the affairs of 
        the business.

        (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).
        (4) An estimate of the volume of business in the coming year 
    (which shall be reported annually to the Secretary).
        (5) Such other information as the Secretary of the Treasury may 
    require.

    (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--
            (A) maintain a list containing the names and addresses of 
        all persons authorized to act as an agent for such business in 
        connection with activities described in subsection (d)(1)(A) and 
        such other information about such agents as the Secretary may 
        require; and
            (B) make the list and other information available on request 
        to any appropriate law enforcement agency.

        (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;
            (B) is required to file reports under section 5313; and
            (C) is not a depository institution (as defined in section 
        5313(g)).

        (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.

(Added Pub. L. 103-325, title IV, Sec. 408(b), Sept. 23, 1994, 108 Stat. 
2250.)

                       References in Text

    The date of enactment of the Money Laundering Suppression Act of 
1994, referred to in subsec. (a)(1)(A), is the date of enactment of 
title IV of Pub. L. 103-325, which was approved Sept. 23, 1994.
    Section 19(b)(1)(C) of the Federal Reserve Act, referred to in 
subsec. (b)(3), is classified to section 461(b)(1)(C) of Title 12, Banks 
and Banking.


                          Findings and Purposes

    Section 408(a) of Pub. L. 103-325 provided that:
    ``(1) Findings.--The Congress hereby finds the following:
        ``(A) Money transmitting businesses are subject to the 
    recordkeeping and reporting requirements of subchapter II of chapter 
    53 of title 31, United States Code.
        ``(B) Money transmitting businesses are largely unregulated 
    businesses and are frequently used in sophisticated schemes to--
            ``(i) transfer large amounts of money which are the proceeds 
        of unlawful enterprises; and
            ``(ii) evade the requirements of such subchapter II, the 
        Internal Revenue Code of 1986 [26 U.S.C. 1 et seq.], and other 
        laws of the United States.
        ``(C) Information on the identity of money transmitting 
    businesses and the names of the persons who own or control, or are 
    officers or employees of, a money transmitting business would have a 
    high degree of usefulness in criminal, tax, or regulatory 
    investigations and proceedings.
    ``(2) Purpose.--It is the purpose of this section [enacting this 
section and amending section 1960 of Title 18, Crimes and Criminal 
Procedure] to establish a registration requirement for businesses 
engaged in providing check cashing, currency exchange, or money 
transmitting or remittance services, or issuing or redeeming money 
orders, travelers' checks, and other similar instruments to assist the 
Secretary of the Treasury, the Attorney General, and other supervisory 
and law enforcement agencies to effectively enforce the criminal, tax, 
and regulatory laws and prevent such money transmitting businesses from 
engaging in illegal activities.''

                  Section Referred to in Other Sections

    This section is referred to in title 18 section 1960.
