Source: https://www.govinfo.gov/content/pkg/USCODE-2017-title31/html/USCODE-2017-title31-subtitleIV-chap53-subchapII-sec5318.htm
Timestamp: 2019-04-20 08:59:19+00:00

Document:
(1) Scope of power.—The Secretary of the Treasury may take any action described in paragraph (3) or (4) of subsection (a) only in connection with investigations for the purpose of civil enforcement of violations of this subchapter, section 21 of the Federal Deposit Insurance Act, section 411 1 of the National Housing Act, or chapter 2 of Public Law 91–508 (12 U.S.C. 1951 et seq.) or any regulation under any such provision.
(2) Authority to issue.—A summons may be issued under subsection (a)(4) only by, or with the approval of, the Secretary of the Treasury or a supervisory level delegate of the Secretary of the Treasury.
(1) Production at designated site.—A summons issued pursuant to this section may require that books, papers, records, or other data stored or maintained at any place be produced at any designated location in any State or in any territory or other place subject to the jurisdiction of the United States not more than 500 miles distant from any place where the financial institution or nonfinancial trade or business operates or conducts business in the United States.
(2) Fees and travel expenses.—Persons summoned under this section shall be paid the same fees and mileage for travel in the United States that are paid witnesses in the courts of the United States.
(3) No liability for expenses.—The United States shall not be liable for any expense, other than an expense described in paragraph (2), incurred in connection with the production of books, papers, records, or other data under this section.
(d) Service of Summons.—Service of a summons issued under this section may be by registered mail or in such other manner calculated to give actual notice as the Secretary may prescribe by regulation.
(1) Referral to attorney general.—In case of contumacy by a person issued a summons under paragraph (3) or (4) of subsection (a) or a refusal by such person to obey such summons, the Secretary of the Treasury shall refer the matter to the Attorney General.
(3) Court order.—The court may issue an order requiring the person summoned to appear before the Secretary or his delegate to produce books, papers, records, and other data, to give testimony as may be necessary to explain how such material was compiled and maintained, and to pay the costs of the proceeding.
(4) Failure to comply with order.—Any failure to obey the order of the court may be punished by the court as a contempt thereof.
(5) Service of process.—All process in any case under this subsection may be served in any judicial district in which such person may be found.
(1) In general.—The Secretary may require any financial institution, and any director, officer, employee, or agent of any financial institution, to report any suspicious transaction relevant to a possible violation of law or regulation.
except that such written reference or notice may not disclose that such information was also included in any such report, or that such report was made.
(ii) Information not required.—Clause (i) shall not be construed, by itself, to create any affirmative duty to include any information described in clause (i) in any employment reference or termination notice referred to in clause (i).
(A) In general.—Any financial institution that makes a voluntary disclosure of any possible violation of law or regulation to a government agency or makes a disclosure pursuant to this subsection or any other authority, and any director, officer, employee, or agent of such institution who makes, or requires another to make any such disclosure, shall not be liable to any person under any law or regulation of the United States, any constitution, law, or regulation of any State or political subdivision of any State, or under any contract or other legally enforceable agreement (including any arbitration agreement), for such disclosure or for any failure to provide notice of such disclosure to the person who is the subject of such disclosure or any other person identified in the disclosure.
(A) In general.—In requiring reports under paragraph (1) of suspicious transactions, the Secretary of the Treasury shall designate, to the extent practicable and appropriate, a single officer or agency of the United States to whom such reports shall be made.
(B) Duty of designee.—The officer or agency of the United States designated by the Secretary of the Treasury pursuant to subparagraph (A) shall refer any report of a suspicious transaction to any appropriate law enforcement, supervisory agency, or United States intelligence agency for use in the conduct of intelligence or counterintelligence activities, including analysis, to protect against international terrorism.
(C) Coordination with other reporting requirements.—Subparagraph (A) shall not be construed as precluding any supervisory agency for any financial institution from requiring the financial institution to submit any information or report to the agency or another agency pursuant to any other applicable provision of law.
(2) Regulations.—The Secretary of the Treasury, after consultation with the appropriate Federal functional regulator (as defined in section 509 of the Gramm-Leach-Bliley Act), may prescribe minimum standards for programs established under paragraph (1), and may exempt from the application of those standards any financial institution that is not subject to the provisions of the rules contained in part 103 of title 31, of the Code of Federal Regulations, or any successor rule thereto, for so long as such financial institution is not subject to the provisions of such rules.
(1) In general.—Each financial institution that establishes, maintains, administers, or manages a private banking account or a correspondent account in the United States for a non-United States person, including a foreign individual visiting the United States, or a representative of a non-United States person shall establish appropriate, specific, and, where necessary, enhanced, due diligence policies, procedures, and controls that are reasonably designed to detect and report instances of money laundering through those accounts.
(A) Offshore banking license.—The term "offshore banking license" means a license to conduct banking activities which, as a condition of the license, prohibits the licensed entity from conducting banking activities with the citizens of, or with the local currency of, the country which issued the license.
(1) In general.—A financial institution described in subparagraphs (A) through (G) of section 5312(a)(2) (in this subsection referred to as a "covered financial institution") shall not establish, maintain, administer, or manage a correspondent account in the United States for, or on behalf of, a foreign bank that does not have a physical presence in any country.
(2) Prevention of indirect service to foreign shell banks.—A covered financial institution shall take reasonable steps to ensure that any correspondent account established, maintained, administered, or managed by that covered financial institution in the United States for a foreign bank is not being used by that foreign bank to indirectly provide banking services to another foreign bank that does not have a physical presence in any country. The Secretary of the Treasury shall, by regulation, delineate the reasonable steps necessary to comply with this paragraph.
(A) Appropriate federal banking agency.—The term "appropriate Federal banking agency" has the same meaning as in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(B) Incorporated term.—The term "correspondent account" has the same meaning as in section 5318A(e)(1)(B).
(2) 120-hour rule.—Not later than 120 hours after receiving a request by an appropriate Federal banking agency for information related to anti-money laundering compliance by a covered financial institution or a customer of such institution, a covered financial institution shall provide to the appropriate Federal banking agency, or make available at a location specified by the representative of the appropriate Federal banking agency, information and account documentation for any account opened, maintained, administered or managed in the United States by the covered financial institution.
(i) In general.—The Secretary of the Treasury or the Attorney General may issue a summons or subpoena to any foreign bank that maintains a correspondent account in the United States and request records related to such correspondent account, including records maintained outside of the United States relating to the deposit of funds into the foreign bank.
(ii) Service of summons or subpoena.—A summons or subpoena referred to in clause (i) may be served on the foreign bank in the United States if the foreign bank has a representative in the United States, or in a foreign country pursuant to any mutual legal assistance treaty, multilateral agreement, or other request for international law enforcement assistance.
(i) Maintaining records in the united states.—Any covered financial institution which maintains a correspondent account in the United States for a foreign bank shall maintain records in the United States identifying the owners of such foreign bank and the name and address of a person who resides in the United States and is authorized to accept service of legal process for records regarding the correspondent account.
(ii) Law enforcement request.—Upon receipt of a written request from a Federal law enforcement officer for information required to be maintained under this paragraph, the covered financial institution shall provide the information to the requesting officer not later than 7 days after receipt of the request.
(ii) Limitation on liability.—A covered financial institution shall not be liable to any person in any court or arbitration proceeding for terminating a correspondent relationship in accordance with this subsection.
(iii) Failure to terminate relationship.—Failure to terminate a correspondent relationship in accordance with this subsection shall render the covered financial institution liable for a civil penalty of up to $10,000 per day until the correspondent relationship is so terminated.
(1) In general.—Subject to the requirements of this subsection, the Secretary of the Treasury shall prescribe regulations setting forth the minimum standards for financial institutions and their customers regarding the identity of the customer that shall apply in connection with the opening of an account at a financial institution.
(3) Factors to be considered.—In prescribing regulations under this subsection, the Secretary shall take into consideration the various types of accounts maintained by various types of financial institutions, the various methods of opening accounts, and the various types of identifying information available.
(4) Certain financial institutions.—In the case of any financial institution the business of which is engaging in financial activities described in section 4(k) of the Bank Holding Company Act of 1956 (including financial activities subject to the jurisdiction of the Commodity Futures Trading Commission), the regulations prescribed by the Secretary under paragraph (1) shall be prescribed jointly with each Federal functional regulator (as defined in section 509 of the Gramm-Leach-Bliley Act, including the Commodity Futures Trading Commission) appropriate for such financial institution.
(5) Exemptions.—The Secretary (and, in the case of any financial institution described in paragraph (4), any Federal agency described in such paragraph) may, by regulation or order, exempt any financial institution or type of account from the requirements of any regulation prescribed under this subsection in accordance with such standards and procedures as the Secretary may prescribe.
(6) Effective date.—Final regulations prescribed under this subsection shall take effect before the end of the 1-year period beginning on the date of enactment of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001.
(m) Applicability of Rules.—Any rules promulgated pursuant to the authority contained in section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b) shall apply, in addition to any other financial institution to which such rules apply, to any person that 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) In general.—Subject to paragraphs (3) and (4), the Secretary shall prescribe regulations requiring such financial institutions as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network certain cross-border electronic transmittals of funds, if the Secretary determines that reporting of such transmittals is reasonably necessary to conduct the efforts of the Secretary against money laundering and terrorist financing.
(3) Form and manner of reports.—In prescribing the regulations required under paragraph (1), the Secretary shall, subject to paragraph (2), determine the appropriate form, manner, content, and frequency of filing of the required reports.
(B) Consultation.—In reporting the feasibility report under subparagraph (A), the Secretary may consult with the Bank Secrecy Act Advisory Group established by the Secretary, and any other group considered by the Secretary to be relevant.
(A) In general.—Subject to subparagraph (B), the regulations required by paragraph (1) shall be prescribed in final form by the Secretary, in consultation with the Board of Governors of the Federal Reserve System, before the end of the 3-year period beginning on the date of enactment of the National Intelligence Reform Act of 2004.
(B) Technological feasibility.—No regulations shall be prescribed under this subsection before the Secretary certifies to the Congress that the Financial Crimes Enforcement Network has the technological systems in place to effectively and efficiently receive, keep, exploit, protect the security of, and disseminate information from reports of cross-border electronic transmittals of funds to law enforcement and other entities engaged in efforts against money laundering and terrorist financing.
5318 31:1054(a), (b)(1st sentence). Oct. 26, 1970, Pub. L. 91–508, §§205(a), (b)(1st sentence), 206, 84 Stat. 1120.
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. (b)(1), (m), and (n)(2), is classified to section 1829b of Title 12, Banks and Banking.
Section 411 of the National Housing Act, referred to in subsec. (b)(1), which was classified to section 1730d of Title 12, was repealed by Pub. 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. (b)(1), probably means chapter 2 (§§121 to 129) of title I of Pub. 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 Pub. 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 509 of the Gramm-Leach-Bliley Act, referred to in subsecs. (h)(2) and (l)(4), is classified to section 6809 of Title 15, Commerce and Trade.
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 Pub. 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 Pub. 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 Pub. 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 Pub. L. 102–550, which is set out as a note under section 5311 of this title.
2014—Subsec. (a)(6), (7). Pub. L. 113–156 added par. (6) and redesignated former par. (6) as (7).
2011—Subsec. (g)(2)(A)(i). Pub. 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). Pub. 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). Pub. 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). Pub. L. 108–458, §6202(h), made technical correction to directory language of Pub. L. 107–56, §325. See 2001 Amendment note below.
Subsec. (i)(3)(B). Pub. L. 108–458, §6203(c)(1), inserted comma before "that is reasonably designed".
Subsec. (i)(4). Pub. L. 108–458, §6203(c)(2), substituted "Definitions" for "Definition" in heading.
Subsec. (k)(1)(B). Pub. L. 108–458, §6203(d), substituted "section 5318A(e)(1)(B)" for "section 5318A(f)(1)(B)".
Subsec. (n). Pub. L. 108–458, §6302, added subsec. (n).
2003—Subsecs. (l), (m). Pub. L. 108–159 redesignated subsec. (l), relating to applicability of rules, as (m).
2001—Subsec. (a)(2), (3). Pub. L. 107–56, §365(c)(2)(B)(ii), inserted "or nonfinancial trades or businesses" after "financial institutions".
Subsec. (a)(4). Pub. L. 107–56, §365(c)(2)(B)(i), inserted "or nonfinancial trade or business" after "financial institution" in two places.
Subsec. (c)(1). Pub. L. 107–56, §365(c)(2)(B)(i), inserted "or nonfinancial trade or business" after "financial institution".
Subsec. (f). Pub. L. 107–56, §365(c)(2)(B)(i), inserted "or nonfinancial trade or business" after "financial institution" in introductory provisions.
Subsec. (g)(2). Pub. L. 107–56, §351(b), reenacted heading 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). Pub. L. 107–56, §351(a), reenacted heading 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). Pub. L. 107–56, §358(b), 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".
"(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). Pub. L. 107–56, §325, as amended by Pub. L. 108–458, §6202(h), added par. (3).
Subsec. (i). Pub. L. 107–56, §312(a), added subsec. (i).
Subsec. (j). Pub. L. 107–56, §313(a), added subsec. (j).
Subsec. (k). Pub. L. 107–56, §319(b), added subsec. (k).
Subsec. (l). Pub. L. 107–56, §359(c), added subsec. (l) relating to applicability of rules.
Pub. L. 107–56, §326(a), added subsec. (l) relating to identification and verification of accountholders.
1994—Subsec. (a)(5). Pub. L. 103–325, §410(a), added par. (5). Former par. (5) redesignated (6).
Subsec. (a)(6). Pub. L. 103–325, §410(b), inserted "under this paragraph or paragraph (5)" after "revoke an exemption" in penultimate sentence.
Pub. L. 103–325, §410(a)(2), redesignated par. (5) as (6).
Subsec. (g). Pub. L. 103–322, §330017(b)(1), and Pub. L. 103–325, §413(b)(1), amended directory language of Pub. L. 102–550, §1517(b), identically. See 1992 Amendment note below.
Subsec. (g)(4). Pub. L. 103–325, §403(a), added par. (4).
Subsec. (h). Pub. L. 103–322, §330017(b)(1), and Pub. L. 103–325, §413(b)(1), amended directory language of Pub. L. 102–550, §1517(b), identically. See 1992 Amendment note below.
1992—Subsec. (a)(1). Pub. 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). Pub. L. 102–550, §1513, inserted before semicolon "or to guard against money laundering".
Subsecs. (g), (h). Pub. L. 102–550, §1517(b), as amended by Pub. L. 103–322, §330017(b)(1), and Pub. L. 103–325, §413(b)(1), added subsecs. (g) and (h).
1988—Subsec. (a)(1). Pub. L. 100–690, §6469(c), inserted "or the Postal Inspection Service" after "appropriate supervising agency".
Pub. L. 100–690, §6185(e), inserted "and the Postal Service" after "appropriate supervising agency".
1986—Pub. L. 99–570, §1356(c)(2), substituted "Compliance, exemptions, and summons authority" for "Compliance and exemptions" in section catchline.
Subsec. (a). Pub. L. 99–570, §1356(a)(1)–(5), designated existing provisions as subsec. (a), added subsec. heading, inserted "except as provided in subsection (b)(2)," in par. (1), added pars. (3) and (4), and redesignated former par. (3) as (5).
Subsecs. (b) to (e). Pub. L. 99–570, §1356(a)(6), added subsecs. (b) to (e).
Subsec. (f). Pub. L. 99–570, §1356(b), added subsec. (f).
Amendment by sections 6202(h) and 6203(c), (d) of Pub. L. 108–458 effective as if included in Pub. L. 107–56, as of the date of enactment of such Act, and no amendment made by Pub. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Pub. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking.
Amendment by Pub. 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 Pub. L. 108–159, set out as a note under section 1681 of Title 15, Commerce and Trade.
Pub. L. 107–56, title III, §312(b)(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."
Pub. L. 107–56, title III, §313(b), 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]."
Pub. L. 107–56, title III, §352(b), 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(b) of Pub. L. 107–56 applicable with respect to reports filed or records maintained on, before, or after Oct. 26, 2001, see section 358(h) of Pub. L. 107–56, set out as a note under section 1829b of Title 12, Banks and Banking.
Pub. L. 103–322, title XXXIII, §330017(b)(1), Sept. 13, 1994, 108 Stat. 2149, and Pub. L. 103–325, title IV, §413(b)(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 Pub. L. 113–156, set out as a Consultation with State Agencies note under section 1958 of Title 12, Banks and Banking.
Pub. L. 107–56, title III, §312(b)(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."
Pub. 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."
Pub. 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."
Pub. 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 &apos;Federal functional regulator&apos; includes the Commodity Futures Trading Commission."
"(a) Deadline for Suspicious Activity Reporting Requirements for Registered Brokers and Dealers.—The Secretary [of the Treasury], after consultation with the Securities and Exchange Commission and the Board of Governors of the Federal Reserve System, shall publish proposed regulations in the Federal Register before January 1, 2002, requiring brokers and dealers registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] to submit suspicious activity reports under section 5318(g) of title 31, United States Code. Such regulations shall be published in final form not later than July 1, 2002.
"(b) Suspicious Activity Reporting Requirements For Futures Commission Merchants, Commodity Trading Advisors, and Commodity Pool Operators.—The Secretary, in consultation with the Commodity Futures Trading Commission, may prescribe regulations requiring futures commission merchants, commodity trading advisors, and commodity pool operators registered under the Commodity Exchange Act [7 U.S.C. 1 et seq.] to submit suspicious activity reports under section 5318(g) of title 31, United States Code."
"(1) Reports required.—The Secretary of the Treasury shall submit an annual report to the Congress at the times required under paragraph (2) on the number of suspicious transactions reported to the officer or agency designated under section 5318(g)(4)(A) of title 31, United States Code, during the period covered by the report and the disposition of such reports.
"(2) Time for submitting reports.—The 1st report required under paragraph (1) shall be filed before the end of the 1-year period beginning on the date of enactment of the Money Laundering Suppression Act of 1994 [Sept. 23, 1994] and each subsequent report shall be filed within 90 days after the end of each of the 5 calendar years which begin after such date of enactment."
Pub. 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]."
"(2) review and enhance procedures for referring cases to any appropriate law enforcement agency.
"(b) Improved Reporting of Criminal Schemes by Law Enforcement Agencies.—The Secretary of the Treasury and each appropriate law enforcement agency shall provide, on a regular basis, information regarding money laundering schemes and activities involving depository institutions to each appropriate Federal banking agency in order to enhance each agency's ability to examine for and identify money laundering activity.
"(c) Report to Congress.—The Financial Institutions Examination Council shall submit a report on the progress made in carrying out subsection (a) and the usefulness of information received pursuant to subsection (b) to the Congress by the end of the 1-year period beginning on the date of enactment of this Act.
"(d) Definition.—For purposes of this section, the term &apos;appropriate Federal banking agency&apos; has the same meaning as in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]."

References: §407
 §118
 §118
 §6202
 §325
 §6203
 §6203
 §6203
 §6302
 §365
 §365
 §365
 §365
 §351
 §351
 §358
 §325
 §6202
 §312
 §313
 §319
 §359
 §326
 §410
 §410
 §410
 §330017
 §413
 §1517
 §403
 §330017
 §413
 §1517
 §1504
 §1513
 §1517
 §330017
 §413
 §6469
 §6185
 §1356
 §1356
 §1356
 §1356
 §312
 §313
 §352
 §330017
 §413
 §312
 §352
 §319
 §321
 §403