In the section, before clause (1), the words “have the responsibility to assure compliance with the requirements of this chapter” in 31:1054(a) are omitted as unnecessary because of section 321 of the revised title. The words “(except under section 5315 of this title and regulations prescribed under section 5315)” are added because 31:1141–1143 was not enacted as a part of the Currency and Foreign Transactions Reporting Act that is restated in this subchapter. In clause (1), the words “duties and powers” are substituted for “responsibilities” for consistency in the revised title and with other titles of the United States Code. The words “bank supervisory agency, or other” are omitted as surplus. In clause (2), the words “by regulation” and “as he may deem” are omitted as surplus. The words “and regulations prescribed under this subchapter” are added because of the restatement. In clause (3), the word “prescribe” is substituted for “make” in 31:1055 for consistency in the revised title and with other titles of the Code. The words “otherwise imposed”, 31:1055(1st sentence), and the words “in his discretion” are omitted as surplus.

Section 21 of the Federal Deposit Insurance Act, referred to in subsecs. (span)(1), (m), and (n)(2), is classified to section 1829span of Title 12, Banks and Banking.

Section 411 of the National Housing Act, referred to in subsec. (span)(1), which was classified to section 1730d of Title 12, was repealed by Puspan. L. 101–73, title IV, § 407, Aug. 9, 1989, 103 Stat. 363.

Chapter 2 of Public Law 91–508 (12 U.S.C. 1951 et seq.), referred to in subsec. (span)(1), probably means chapter 2 (§§ 121 to 129) of title I of Puspan. L. 91–508, Oct. 26, 1970, 84 Stat. 1116, which is classified generally to chapter 21 (§ 1951 et seq.) of Title 12. For complete classification of chapter 2 to the Code, see Tables.

Subsection (a)(5), referred to in subsec. (f), was redesignated subsection (a)(6) by section 410(a)(2) of Puspan. L. 103–325.

Section 18(w) of the Federal Deposit Insurance Act, referred to in subsec. (g)(2)(B)(i)(I), is classified to section 1828(w) of Title 12, Banks and Banking.

Section 6003 of the Anti-Money Laundering Act of 2020, referred to in subsec. (g)(5)(A), (6)(A)(i), (11)(B), is section 6003 of Puspan. L. 116–283, div. F, Jan. 1, 2021, 134 Stat. 4548, which is set out as a note under section 5311 of this title.

The date of enactment of this paragraph, referred to in subsecs. (g)(8)(A)(i), (B)(iii), and (h)(4)(A), is the date of enactment of Puspan. L. 116–283, which was approved Jan. 1, 2021.

Section 509 of the Gramm-Leach-Bliley Act, referred to in subsecs. (h)(2), (4)(A), (B), (D), (5) and (l)(4), is classified to section 6809 of Title 15, Commerce and Trade.

Section 261 of the Countering Russian Influence in Europe and Eurasia Act of 2017 (Public Law 115–44; 131 Stat. 934), referred to in subsec. (h)(4)(C), probably means section 261 of title II of Puspan. L. 115–44, Aug. 2, 2017, 131 Stat. 934, which is not classified to the Code.

The USA PATRIOT Act (Public Law 107–56; 115 Stat. 272), referred to in subsec. (h)(4)(E), is Puspan. L. 107—56, Oct. 26, 2001, 115 Stat. 272, also known as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001. For complete classification of this Act to the Code, see Short Title of 2001 Amendment note set out under section 1 of Title 18, Crimes and Criminal Procedure, and Tables.

The Federal Rules of Evidence, referred to in subsec. (k)(3)(A)(ii)(I), (D)(ii)(I)(aa)(AA), are set out in the Appendix to Title 28, Judiciary and Judicial Procedure.

Section 4(k) of the Bank Holding Company Act of 1956, referred to in subsec. (l)(4), is classified to section 1843(k) of Title 12, Banks and Banking.

The date of enactment of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001, referred to in subsec. (l)(6), is the date of enactment of title III of Puspan. L. 107–56, which was approved Oct. 26, 2001.

The date of enactment of the Intelligence Reform and Terrorism Prevention Act of 2004, referred to in subsec. (n)(4)(A), is the date of enactment of Puspan. L. 108–458, which was approved Dec. 17, 2004.

The date of enactment of the National Intelligence Reform Act of 2004, referred to in subsec. (n)(5)(A), probably means the date of enactment of the National Security Intelligence Reform Act of 2004, title I of Puspan. L. 108–458, which was approved Dec. 17, 2004.

For provisions relating to the Bank Secrecy Act Advisory Group, referred to in subsec. (n)(4)(B), see section 1564 of Puspan. L. 102–550, which is set out as a note under section 5311 of this title.

2021—Subsec. (a)(1). Puspan. L. 116–283, § 6101(span)(1), substituted “subsections (span)(2) and (h)(4)” for “subsection (span)(2)”.

Subsec. (a)(2). Puspan. L. 116–283, § 6101(c), inserted “, including the collection and reporting of certain information as the Secretary of the Treasury may prescribe by regulation,” after “appropriate procedures” and “, the financing of terrorism, or other forms of illicit finance” after “money laundering”.

Subsec. (g)(2)(A)(i). Puspan. L. 116–283, § 6212(span)(1), inserted “or otherwise reveal any information that would reveal that the transaction has been reported,” after “transaction has been reported”.

Subsec. (g)(2)(A)(ii). Puspan. L. 116–283, § 6212(span)(2), inserted “or otherwise reveal any information that would reveal that the transaction has been reported,” after “transaction has been reported,”.

Subsec. (g)(5). Puspan. L. 116–283, § 6202, added par. (5).

Subsec. (g)(6), (7). Puspan. L. 116–283, § 6206, added pars. (6) and (7).

Subsec. (g)(8) to (11). Puspan. L. 116–283, § 6212(a), added pars. (8) to (11).

Subsec. (h)(1). Puspan. L. 116–283, § 6101(span)(2)(A), inserted “and the financing of terrorism” after “money laundering” and “and countering the financing of terrorism” after “anti-money laundering” in introductory provisions.

Subsec. (h)(2). Puspan. L. 116–283, § 6101(span)(2)(B), inserted subpar. (A) designation and span and added subpar. (B).

Subsec. (h)(4), (5). Puspan. L. 116–283, § 6101(span)(2)(C), added pars. (4) and (5).

Subsec. (k)(1)(B), (C). Puspan. L. 116–283, § 6308(a)(1), added subpar. (B) and redesignated subpar. (B) as (C).

Subsec. (k)(3). Puspan. L. 116–283, § 6308(a)(2), added par. (3) and struck out former par (3), which related to foreign bank records, including summons or subpoena of records, acceptance of service, and termination of correspondent relationship.

Subsec. (o). Puspan. L. 116–283, § 6209(a), added subsec. (o).

Subsec. (p). Puspan. L. 116–283, § 6213(a), added subsec. (p).

Subsec. (q). Puspan. L. 116–283, § 6301, added subsec. (q).

2014—Subsec. (a)(6), (7). Puspan. L. 113–156 added par. (6) and redesignated former par. (6) as (7).

2011—Subsec. (g)(2)(A)(i). Puspan. L. 112–74, § 118(1), added cl. (i) and struck out former cl. (i) which read as follows: “the financial institution, director, officer, employee, or agent may not notify any person involved in the transaction that the transaction has been reported; and”.

Subsec. (g)(2)(A)(ii). Puspan. L. 112–74, § 118(2), substituted “no current or former officer or employee of or contractor for” for “no officer or employee of” and inserted “or for” before “any State”.

2006—Subsec. (n)(4)(A). Puspan. L. 109–177 substituted “Intelligence Reform and Terrorism Prevention Act of 2004” for “National Intelligence Reform Act of 2004” in introductory provisions.

2004—Subsec. (h)(3). Puspan. L. 108–458, § 6202(h), made technical correction to directory language of Puspan. L. 107–56, § 325. See 2001 Amendment note below.

Subsec. (i)(3)(B). Puspan. L. 108–458, § 6203(c)(1), inserted comma before “that is reasonably designed”.

Subsec. (i)(4). Puspan. L. 108–458, § 6203(c)(2), substituted “Definitions” for “Definition” in span.

Subsec. (k)(1)(B). Puspan. L. 108–458, § 6203(d), substituted “section 5318A(e)(1)(B)” for “section 5318A(f)(1)(B)”.

Subsec. (n). Puspan. L. 108–458, § 6302, added subsec. (n).

2003—Subsecs. (l), (m). Puspan. L. 108–159 redesignated subsec. (l), relating to applicability of rules, as (m).

2001—Subsec. (a)(2), (3). Puspan. L. 107–56, § 365(c)(2)(B)(ii), inserted “or nonfinancial trades or businesses” after “financial institutions”.

Subsec. (a)(4). Puspan. L. 107–56, § 365(c)(2)(B)(i), inserted “or nonfinancial trade or business” after “financial institution” in two places.

Subsec. (c)(1). Puspan. L. 107–56, § 365(c)(2)(B)(i), inserted “or nonfinancial trade or business” after “financial institution”.

Subsec. (f). Puspan. L. 107–56, § 365(c)(2)(B)(i), inserted “or nonfinancial trade or business” after “financial institution” in introductory provisions.

Subsec. (g)(2). Puspan. L. 107–56, § 351(span), reenacted span without change and amended text generally. Prior to amendment, text read as follows: “A financial institution, and a director, officer, employee, or agent of any financial institution, who voluntarily reports a suspicious transaction, or that reports a suspicious transaction pursuant to this section or any other authority, may not notify any person involved in the transaction that the transaction has been reported.”

Subsec. (g)(3). Puspan. L. 107–56, § 351(a), reenacted span without change and amended text generally. Prior to amendment, text read as follows: “Any financial institution that makes a disclosure of any possible violation of law or regulation or a disclosure pursuant to this subsection or any other authority, and any director, officer, employee, or agent of such institution, shall not be liable to any person under any law or regulation of the United States or any constitution, law, or regulation of any State or political subdivision thereof, for such disclosure or for any failure to notify the person involved in the transaction or any other person of such disclosure.”

Subsec. (g)(4)(B). Puspan. L. 107–56, § 358(span), substituted “, supervisory agency, or United States intelligence agency for use in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism” for “or supervisory agency”.

Subsec. (h). Puspan. L. 107–56, § 352(a), reenacted span without change and amended text of subsec. (h) generally. Prior to amendment, text read as follows:

“(1) In general.—In order to guard against money laundering through financial institutions, the Secretary may require financial institutions to carry out anti-money laundering programs, including at a minimum

“(A) the development of internal policies, procedures, and controls,

“(B) the designation of a compliance officer,

“(C) an ongoing employee training program, and

“(D) an independent audit function to test programs.

“(2) Regulations.—The Secretary may prescribe minimum standards for programs established under paragraph (1).”

Subsec. (h)(3). Puspan. L. 107–56, § 325, as amended by Puspan. L. 108–458, § 6202(h), added par. (3).

Subsec. (i). Puspan. L. 107–56, § 312(a), added subsec. (i).

Subsec. (j). Puspan. L. 107–56, § 313(a), added subsec. (j).

Subsec. (k). Puspan. L. 107–56, § 319(span), added subsec. (k).

Subsec. (l). Puspan. L. 107–56, § 359(c), added subsec. (l) relating to applicability of rules.

Puspan. L. 107–56, § 326(a), added subsec. (l) relating to identification and verification of accountholders.

1994—Subsec. (a)(5). Puspan. L. 103–325, § 410(a), added par. (5). Former par. (5) redesignated (6).

Subsec. (a)(6). Puspan. L. 103–325, § 410(span), inserted “under this paragraph or paragraph (5)” after “revoke an exemption” in penultimate sentence.

Puspan. L. 103–325, § 410(a)(2), redesignated par. (5) as (6).

Subsec. (g). Puspan. L. 103–322, § 330017(span)(1), and Puspan. L. 103–325, § 413(span)(1), amended directory language of Puspan. L. 102–550, § 1517(span), identically. See 1992 Amendment note below.

Subsec. (g)(4). Puspan. L. 103–325, § 403(a), added par. (4).

Subsec. (h). Puspan. L. 103–322, § 330017(span)(1), and Puspan. L. 103–325, § 413(span)(1), amended directory language of Puspan. L. 102–550, § 1517(span), identically. See 1992 Amendment note below.

1992—Subsec. (a)(1). Puspan. L. 102–550, § 1504(d)(1), substituted “supervising agency and the United States Postal Service” for “supervising agency or the Postal Inspection Service and the Postal Service”.

Subsec. (a)(2). Puspan. L. 102–550, § 1513, inserted before semicolon “or to guard against money laundering”.

Subsecs. (g), (h). Puspan. L. 102–550, § 1517(span), as amended by Puspan. L. 103–322, § 330017(span)(1), and Puspan. L. 103–325, § 413(span)(1), added subsecs. (g) and (h).

1988—Subsec. (a)(1). Puspan. L. 100–690, § 6469(c), inserted “or the Postal Inspection Service” after “appropriate supervising agency”.

Puspan. L. 100–690, § 6185(e), inserted “and the Postal Service” after “appropriate supervising agency”.

1986—Puspan. L. 99–570, § 1356(c)(2), substituted “Compliance, exemptions, and summons authority” for “Compliance and exemptions” in section catchline.

Subsec. (a). Puspan. L. 99–570, § 1356(a)(1)–(5), designated existing provisions as subsec. (a), added subsec. span, inserted “except as provided in subsection (span)(2),” in par. (1), added pars. (3) and (4), and redesignated former par. (3) as (5).

Subsecs. (span) to (e). Puspan. L. 99–570, § 1356(a)(6), added subsecs. (span) to (e).

Subsec. (f). Puspan. L. 99–570, § 1356(span), added subsec. (f).

Amendment by sections 6202(h) and 6203(c), (d) of Puspan. L. 108–458 effective as if included in Puspan. L. 107–56, as of the date of enactment of such Act, and no amendment made by Puspan. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Puspan. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking.

Amendment by Puspan. L. 108–159 subject to joint regulations establishing effective dates as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Puspan. L. 108–159, set out as a note under section 1681 of Title 15, Commerce and Trade.

Puspan. L. 107–56, title III, § 312(span)(2), Oct. 26, 2001, 115 Stat. 306, provided that: “Section 5318(i) of title 31, United States Code, as added by this section, shall take effect 270 days after the date of enactment of this Act [Oct. 26, 2001], whether or not final regulations are issued under paragraph (1) [set out below], and the failure to issue such regulations shall in no way affect the enforceability of this section [amending this section and enacting provisions set out as a note below] or the amendments made by this section. Section 5318(i) of title 31, United States Code, as added by this section, shall apply with respect to accounts covered by that section 5318(i), that are opened before, on, or after the date of enactment of this Act.”

Puspan. L. 107–56, title III, § 313(span), Oct. 26, 2001, 115 Stat. 307, provided that: “The amendment made by subsection (a) [amending this section] shall take effect at the end of the 60-day period beginning on the date of enactment of this Act [Oct. 26, 2001].”

Puspan. L. 107–56, title III, § 352(span), Oct. 26, 2001, 115 Stat. 322, provided that: “The amendment made by subsection (a) [amending this section] shall take effect at the end of the 180-day period beginning on the date of enactment of this Act [Oct. 26, 2001].”

Amendment by section 358(span) of Puspan. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Puspan. L. 107–56, set out as a note under section 1829span of Title 12, Banks and Banking.

Puspan. L. 103–322, title XXXIII, § 330017(span)(1), Sept. 13, 1994, 108 Stat. 2149, and Puspan. L. 103–325, title IV, § 413(span)(1), Sept. 23, 1994, 108 Stat. 2254, provided that the identical amendments made by those sections are effective Oct. 28, 1992.

Secretary of the Treasury required to consult with State supervisory agencies in issuing rules to carry out subsec. (a)(6) of this section, see section 2(c) of Puspan. L. 113–156, set out as a Consultation with State Agencies note under section 1958 of Title 12, Banks and Banking.

Puspan. L. 107–56, title III, § 312(span)(1), Oct. 26, 2001, 115 Stat. 305, provided that: “Not later than 180 days after the date of enactment of this Act [Oct. 26, 2001], the Secretary [of the Treasury], in consultation with the appropriate Federal functional regulators (as defined in section 509 of the Gramm-Leach-Bliley Act [15 U.S.C. 6809]) of the affected financial institutions, shall further delineate, by regulation, the due diligence policies, procedures, and controls required under section 5318(i)(1) of title 31, United States Code, as added by this section.”

Puspan. L. 107–56, title III, § 352(c), Oct. 26, 2001, 115 Stat. 322, provided that: “Before the end of the 180-day period beginning on the date of enactment of this Act [Oct. 26, 2001], the Secretary [of the Treasury] shall prescribe regulations that consider the extent to which the requirements imposed under this section [amending this section and enacting provisions set out as a note above] are commensurate with the size, location, and activities of the financial institutions to which such regulations apply.”

Puspan. L. 116–283, div. F, title LXII, § 6213(span), Jan. 1, 2021, 134 Stat. 4579, provided that: “The amendment made by subsection (a) [amending this section] may not be construed to require financial institutions to share resources.”

[For definition of “financial institution” as used in section 6213(span) of Puspan. L. 116–283, set out above, see section 6003 of Puspan. L. 116–283, set out as a Definitions note under section 5311 of this title.]

Puspan. L. 116–283, div. F, title LXII, § 6203, Jan. 1, 2021, 134 Stat. 4568, provided that:

[For definition of terms used in section 6203 of Puspan. L. 116–283, set out above, see section 6003 of Puspan. L. 116–283, set out as a Definitions note under section 5311 of this title.]

For requirement that Financial Institutions Examination Council manual be updated to reflect the rulemaking required by subsec. (o) of this section, as added by Puspan. L. 116–283, see section 6209(span)(1) of Puspan. L. 116–283, set out as a note under section 3305 of Title 12, Banks and Banking.

Puspan. L. 107–56, title III, § 319(c), Oct. 26, 2001, 115 Stat. 314, provided that: “Financial institutions shall have 60 days from the date of enactment of this Act [Oct. 26, 2001] to comply with the provisions of section 5318(k) of title 31, United States Code, as added by this section.”

“Federal Functional Regulator” Includes Commodity Futures Trading Commission

Puspan. L. 107–56, title III, § 321(c), Oct. 26, 2001, 115 Stat. 315, provided that: “For purposes of this Act [probably should be “title”, see Short Title of 2001 Amendment note set out under section 5301 of this title] and any amendment made by this Act to any other provision of law, the term ‘Federal functional regulator’ includes the Commodity Futures Trading Commission.”

Puspan. L. 107–56, title III, § 356(a), (span), Oct. 26, 2001, 115 Stat. 324, provided that:

Puspan. L. 103–325, title IV, § 403(span), Sept. 23, 1994, 108 Stat. 2246, provided that:

Puspan. L. 103–325, title IV, § 403(c), Sept. 23, 1994, 108 Stat. 2246, provided that: “The initial designation of an officer or agency of the United States pursuant to the amendment made by subsection (a) [amending this section] shall be made before the end of the 180-day period beginning on the date of enactment of this Act [Sept. 23, 1994].”

Puspan. L. 103–325, title IV, § 404, Sept. 23, 1994, 108 Stat. 2246, provided that: