2023 Illinois Compiled Statutes › Chapter 205 - FINANCIAL REGULATION › 205 ILCS 685/ - Currency Reporting Act.

(205 ILCS 685/1) (from Ch. 17, par. 7351)
Sec. 1. 
		Short title. 
		This Act may be cited as the Currency Reporting Act.
(Source: P.A. 87-619.)
(205 ILCS 685/2) (from Ch. 17, par. 7352)
Sec. 2. 
It is the purpose of this Act to require the keeping and
submission to the Director of the Illinois State Police of certain reports and records of
transactions involving United States currency when such reports and records
have a high degree of usefulness in criminal, tax or regulatory
investigations or proceedings.
(Source: P.A. 102-538, eff. 8-20-21.)
(205 ILCS 685/3) (from Ch. 17, par. 7353)
Sec. 3. As used in this Act, the term:
(a) "Currency" means currency and coin of the United States;
(b) (Blank);
(c) "Director" means Director of the Illinois State Police;
(d) "Financial Institution" means any:
(1) National or state bank or banking association;
(2) Agency or branch of a foreign bank, or     international bank;
(3) Industrial savings bank;
(4) Trust company;
(5) Federal or state savings and loan association;
(6) Federal or state credit union;
(7) Community or ambulatory currency exchange;
(8) Issuer, redeemer, or cashier of travelers'     checks, money orders, or similar instruments;
(9) Operator of a credit card system;
(10) Insurance company;
(11) Dealer in precious metals, stones, and jewels;
(12) Loan or finance company;
(13) Pawnbroker;
(14) Travel agency;
(15) Licensed sender of money;
(16) Telegraph company;
(17) Business engaged in vehicle or vessel sales,     including automobile, airplane and boat sales;
(18) Person involved in real estate closings,     settlements, sales, or auctions.
However, "Financial Institution" does not include an office, department,
agency or other entity of State government.
(Source: P.A. 102-538, eff. 8-20-21.)
(205 ILCS 685/4) (from Ch. 17, par. 7354)
Sec. 4. 
(a) Every financial institution shall keep a record of every
currency transaction involving more than $10,000 and shall file a report with
the Illinois State Police at such time and containing such information as the Director
by rule or regulation requires. Unless otherwise provided by rule, a
financial institution may exempt from the reporting requirements of this
Section deposits, withdrawals, exchanges, or payments exempted from the
reporting requirements of Title 31 U.S.C. 5313.  Each financial institution
shall maintain a record of each exemption granted, including the name,
address, type of business, taxpayer identification number, and account
number of the customer granted the exemption; the type of transactions
exempted; and the dollar limit of each exempt transaction. Such record of
exemptions shall be made available to the Illinois State Police for inspection and
copying.
(b) A financial institution in compliance with the provisions of the
Currency and Foreign Transactions Reporting Act (31 U.S.C. 5311, et seq.)
and Federal regulations prescribed thereunder shall be deemed to be in
compliance with the provisions of this Section and rules or regulations
prescribed thereunder by the Director.
(Source: P.A. 102-538, eff. 8-20-21.)
(205 ILCS 685/5) (from Ch. 17, par. 7355)
Sec. 5. 
		
		(a) No financial institution may issue or sell a bank check,
cashier's check, traveler's check, or money order to any individual in
connection with a transaction or group of such contemporaneous transactions
which involves United States coins or currency (or such other monetary
instruments as the Director may prescribe) in amounts or denominations of
$3,000 or more unless:
(1) The individual has a transaction account with     such financial institution and the financial institution:
(i) Verifies that fact through a signature card         or other information maintained by such institution in connection with the account of such individual; and
(ii) Records the method of verification in         accordance with regulations which the Director shall prescribe; or
(2) The individual furnishes the financial     institution with such forms of identification as the Director may require in regulations which the Director shall prescribe and the financial institution verifies and records such information in accordance with regulations which the Director shall prescribe.
(b) Any information required to be recorded by any financial institution
under subsection (a) of this Section 5 shall be reported to the Director at
such time and in such manner as the Director may prescribe by rule or
regulation.
(c) The records required to be kept by this Act shall be kept on the
premises of the financial institutions and shall be open to inspection by
any law enforcement officer upon request of the head of such agency, made
in writing and stating the particular information desired, the criminal or
tax or regulatory purpose for which the information is sought and the
official need for the information, which such information shall be received
by them in confidence and shall not be disclosed to any person except for
official purposes related to the investigation, proceeding or matter in
connection with which the information is sought, and for which the agency
shall reimburse the financial institution for costs incurred in searching
for, making available, or reproducing requested reports.
(d) For the purpose of this Act the term "transaction account" has the
meaning given to such term in Section 19(b)(1)(c) of the Federal Reserve Act.
(e) A financial institution in compliance with Section 5325 of the
Currency and Foreign Transactions Reporting Act (31 U.S.C. 5311, et seq.)
and Federal regulations prescribed thereunder shall be deemed to be in
compliance with the provisions of this Section and rules or regulations
prescribed thereunder by the Director.
(Source: P.A. 87-619.)
(205 ILCS 685/6) (from Ch. 17, par. 7356)
Sec. 6. 
		
		Authorized representatives of the Illinois State
Police, the Illinois Attorney General, the Illinois Department of Revenue,
the State's Attorney's Office or Sheriff's Department of any county of this
State, the police department of any municipality of this State, the United
States Department of Justice (to include the United States Attorney
General, local United States' Attorneys, the Federal Bureau of
Investigation, and the Drug Enforcement Administration), and the United States
Department of the Treasury (to include the United States Customs Service
and the Internal Revenue Service) shall, under rules and regulations
prescribed by the Director, be given access to information and documents
received by the Director under this Act or information and documents
relating to financial transactions received by the Director from the
Federal Government as the result of any memorandum or agreement of
understanding between any Department of the United States and the State
of Illinois.
(Source: P.A. 87-619.)
(205 ILCS 685/7) (from Ch. 17, par. 7357)
Sec. 7. 
		
		(a) No person shall for the purpose of evading the recording
or reporting requirements of Sections 4 and 5 of this Act:
(1) Cause or attempt to cause a financial institution     to fail to file a report or make a record required under this Act; or
(2) Cause or attempt to cause a financial institution     to fail to file a report or make a record required under this Act that contains a material omission or misstatement of fact; or
(3) Structure, assist in structuring, or attempt to     structure or assist in structuring any transaction with one or more financial institutions.
(b) A person structures a transaction if he is:
(1) acting alone, or in conjunction with or on behalf     of other persons;
(2) conducts, attempts to conduct, or assists in     conducting;
(3) one or more transactions in currency, cashier's     checks, money orders or traveler's checks;
(4) in any amount;
(5) at one or more financial institutions;
(6) on one or more days;
(7) in any manner;
(8) for the purpose of evading the reporting     requirements of this Act.
(c) Structuring a transaction is a Class 2 felony.
(Source: P.A. 87-619.)
(205 ILCS 685/8) (from Ch. 17, par. 7358)
Sec. 8. 
		
		When the Director believes a person has violated, is
violating, or will violate this Act or a rule or regulation prescribed
under this Act, the Director may request the Attorney General to bring a
civil action in circuit court to enjoin the violation or enforce compliance
with this Act or rule or regulation prescribed thereunder.  A person not
complying with an injunction issued under this Section is liable to
the State of Illinois in a civil suit for an amount not more than $10,000.
(Source: P.A. 87-619.)
(205 ILCS 685/9) (from Ch. 17, par. 7359)
Sec. 9. 
		
		(a) A financial institution, and a partner, director,
officer or employee of a financial institution, willfully violating Section
4 or Section 5 of this Act or a rule or regulation prescribed
thereunder is liable to the State of Illinois for a civil penalty of not
more than the greater of the amount (not to exceed $100,000) involved in
the transaction (if any) or $25,000.
(b) A financial institution which negligently violates Section 4 or
Section 5 of this Act or a rule or regulation prescribed thereunder is
liable to the State of Illinois for a civil penalty of not more than $1,000.
(c) A civil action for money may be brought under this Act
notwithstanding the fact that a criminal penalty is imposed with respect to
the same violation.
(Source: P.A. 87-619.)
(205 ILCS 685/10) (from Ch. 17, par. 7360)
Sec. 10. 
		
		A person who knowingly violates this Act or a rule or
regulation prescribed thereunder, other than Section 7 of this Act, is
guilty of a Class A misdemeanor for a first offense and Class 4 felony for
a second or subsequent offense.
(Source: P.A. 87-619.)
(205 ILCS 685/11) (from Ch. 17, par. 7361)
Sec. 11. 
		This Act takes effect on July 1, 1991.
(Source: P.A. 87-619.)