TITLE 31 – § 5314. Records and Reports on Foreign Financial Agency Transactions
TITLE 31 – § 5314. Records and Reports on Foreign Financial Agency Transactions
Title 31 – Money and Finances
SUBTITLE IV – Money
CHAPTER 53 – Monetary Transactions
SUBCHAPTER II – Records and report on monetary instruments transactions
§ 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) 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.
