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TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

SECTIONS 1951-1959

From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1951]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1951. Congressional findings and declaration of purpose

(a) The Congress finds that certain records maintained by businesses
engaged in the functions described in section 1953(b) of this title have
a high degree of usefulness in criminal, tax, and regulatory
investigations and proceedings. The Congress further finds that the
power to require reports of changes in the ownership, control, and
managements of types of financial institutions referred to in section
1952 of this title may be necessary for the same purpose.
(b) It is the purpose of this chapter to require the maintenance of
appropriate types of records and the making of appropriate reports by
such businesses in the United States where such records or reports have
a high degree of usefulness in criminal, tax, or regulatory
investigations or proceedings.

(Pub. L. 91-508, title I, Sec. 121, Oct. 26, 1970, 84 Stat. 1116.)

Effective Date

Section 401(a), (b) of Pub. L. 91-508 provided that:
``(a) Except as otherwise provided in this section, titles I, II,
and III of this Act and the amendments made thereby [enacting this
chapter and sections 1730d and 1829b of this title and section 1051 et
seq. of former Title 31, Money and Finance, amending section 78g of
Title 15, Commerce and Trade, and enacting provisions set out as notes
under section 78g of Title 15 and section 1051 of former Title 31] take
effect on the first day of the seventh calendar month which begins after
the date of enactment [Oct. 26, 1970].
``(b) The Secretary of the Treasury may by regulation provide that
any provision of title I or II or any amendment made thereby [enacting
this chapter and sections 1730d and 1829b of this title] shall be
effective on any date not earlier than the publication of the regulation
in the Federal Register and not later than the first day of the
thirteenth calendar month which begins after the date of enactment [Oct.
26, 1970].''

Short Title

Title I of Pub. L. 91-508, title II of Pub. L. 91-508, titles I and
II of Pub. L. 91-508, and subchapter II of chapter 53 of Title 31, Money
and Finance, have each been popularly known as the ``Bank Secrecy Act''.
Title I of Pub. L. 91-508, Oct. 26, 1970, 84 Stat. 1114, as amended,
enacted this chapter, former section 1730d of this title, and section
1829b of this title. Title II of Pub. L. 91-508, Oct. 26, 1970, 84 Stat.
1118, as amended, also known as the Currency and Foreign Transactions
Reporting Act, enacted chapter 21 (Sec. 1051 et seq.) of former Title
31, Money and Finance, which was repealed and reenacted as subchapter II
of chapter 53 of Title 31, Money and Finance, by Pub. L. 97-258,
Sec. 4(b), Sept. 13, 1982, 96 Stat. 1067, the first section of which
enacted Title 31. For complete classification of Pub. L. 91-508 to the
Code, see Tables.From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1952]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1952. Reports on ownership and control

Where the Secretary determines that the making of appropriate
reports by uninsured banks or uninsured institutions of any type with
respect to their ownership, control, and managements and any changes
therein has a high degree of usefulness in criminal, tax, or regulatory
investigations or proceedings, he may by regulation require such banks
or institutions to make such reports as he determines in respect of such
ownership, control, and managements and changes therein.

(Pub. L. 91-508, title I, Sec. 122, Oct. 26, 1970, 84 Stat. 1116.)

Section Referred to in Other Sections

This section is referred to in section 1951 of this title.From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and February 12, 2003]
[CITE: 12USC1953]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1953. Recordkeeping and procedures

(a) Regulations

If the Secretary determines that the maintenance of appropriate
records and procedures by any uninsured bank or uninsured institution,
or any person engaging in the business of carrying on in the United
States any of the functions referred to in subsection (b) of this
section, has a high degree of usefulness in criminal, tax, or regulatory
investigations or proceedings, and that, given the threat posed to the
security of the Nation on and after the terrorist attacks against the
United States on September 11, 2001, such records may also have a high
degree of usefulness in the conduct of intelligence or
counterintelligence activities, including analysis, to protect against
international terrorism, he may by regulation require such bank,
institution, or person.

(b) Institutions subject to recordkeeping requirements

The authority of the Secretary of the Treasury under subsection (a)
of this section extends to any financial institution (as defined in
section 5312(a)(2) of title 31), other than any insured bank (as defined
in section 1813(h) of this title) and any insured institution (as
defined in section 1724(a) \1\ of this title), and any partner, officer,
director, or employee of any such financial institution.
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\1\ See References in Text note below.
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The Secretary shall permit an uninsured bank or financial
institution to retain or maintain records referred to in subsection (a)
of this section in electronic or automated form, subject to terms and
conditions established by the Secretary.

(Pub. L. 91-508, title I, Sec. 123, Oct. 26, 1970, 84 Stat. 1116; Pub.
L. 100-690, title VI, Sec. 6185(d)(3)(A), Nov. 18, 1988, 102 Stat. 4357;
Pub. L. 103-325, title III, Sec. 310, Sept. 23, 1994, 108 Stat. 2221;
Pub. L. 107-56, title III, Sec. 358(e), Oct. 26, 2001, 115 Stat. 327.)

References in Text

Section 1724 of this title, referred to in subsec. (b), was repealed
by Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.

Amendments

2001--Subsec. (a). Pub. L. 107-56 amended subsec. (a) generally.
Prior to amendment, subsec. (a) read as follows: ``Where the Secretary
determines that the maintenance of appropriate records and procedures by
any uninsured bank or uninsured institution, or any person engaging in
the business of carrying on in the United States any of the functions
referred to in subsection (b) of this section, has a high degree of
usefulness in criminal, tax, or regulatory investigations or
proceedings, he may by regulation require such bank, institution, or
person--
``(1) to require, retain, or maintain, with respect to its
functions as an uninsured bank or uninsured institution or its
functions referred to in subsection (b) of this section, any records
or evidence of any type which the Secretary is authorized under
section 1829b of this title to require insured banks to require,
retain, or maintain; and
``(2) to maintain procedures to assure compliance with
requirements imposed under this chapter. For the purposes of any
civil or criminal penalty, a separate violation of any requirement
under this paragraph occurs with respect to each day and each
separate office, branch, or place of business in which the violation
occurs or continues.''
1994--Subsec. (c). Pub. L. 103-325 added subsec. (c).
1988--Subsec. (b). Pub. L. 100-690 amended subsec. (b) generally.
Prior to amendment, subsec. (b) read as follows: ``The authority of the
Secretary under this section extends to any person engaging in the
business of carrying on any of the following functions:
``(1) Issuing or redeeming checks, money orders, travelers'
checks, or similar instruments, except as an incident to the conduct
of its own nonfinancial business.
``(2) Transferring funds or credits domestically or
internationally.
``(3) Operating a currency exchange or otherwise dealing in
foreign currencies or credits.
``(4) Operating a credit card system.
``(5) Performing such similar, related, or substitute functions
for any of the foregoing or for banking as may be specified by the
Secretary in regulations.''

Effective and Termination Dates of 2001 Amendment

Amendments by title III of Pub. L. 107-56 to terminate effective on
and after the first day of fiscal year 2005 if Congress enacts a joint
resolution that such amendments no longer have the force of law, see
section 303 of Pub. L. 107-56, set out as a Four-Year Congressional
Review; Expedited Consideration note under section 5311 of Title 31,
Money and Finance.
Amendment by 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 this
title.

Section Referred to in Other Sections

This section is referred to in section 1951 of this title.From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1954]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1954. Injunctions

Whenever it appears to the Secretary that any person has engaged, is
engaged, or is about to engage in any acts or practices constituting a
violation of any regulation under this chapter, he may in his discretion
bring an action, in the proper district court of the United States or
the proper United States court of any territory or other place subject
to the jurisdiction of the United States, to enjoin such acts or
practices, and upon a proper showing a permanent or temporary injunction
or restraining order shall be granted without bond. Upon application of
the Secretary, any such court may also issue mandatory injunctions
commanding any person to comply with any regulation of the Secretary
under this chapter.

(Pub. L. 91-508, title I, Sec. 124, Oct. 26, 1970, 84 Stat. 1117.)
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1955]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1955. Civil penalties

(a) For each willful or grossly negligent violation of any
regulation under this chapter, the Secretary may assess upon any person
to which the regulation applies, or any person willfully causing a
violation of the regulation, and, if such person is a partnership,
corporation, or other entity, upon any partner, director, officer, or
employee thereof who willfully or through gross negligence participates
in the violation, a civil penalty not exceeding $10,000.
(b) In the event of the failure of any person to pay any penalty
assessed under this section, a civil action for the recovery thereof
may, in the discretion of the Secretary, be brought in the name of the
United States.

(Pub. L. 91-508, title I, Sec. 125, Oct. 26, 1970, 84 Stat. 1117; Pub.
L. 100-690, title VI, Sec. 6185(d)(3)(B), Nov. 18, 1988, 102 Stat. 4357;
Pub. L. 102-550, title XV, Sec. 1535(c)(1), Oct. 28, 1992, 106 Stat.
4067.)

Amendments

1992--Subsec. (a). Pub. L. 102-550 inserted ``or any person
willfully causing a violation of the regulation,'' after ``applies,''.
1988--Subsec. (a). Pub. L. 100-690 inserted ``or grossly negligent''
after ``willful'' and ``or through gross negligence'' after
``willfully'' and substituted ``$10,000'' for ``$1,000''.From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 7, 2003]
[Document not affected by Public Laws enacted between
January 7, 2003 and February 12, 2003]
[CITE: 12USC1956]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1956. Criminal penalty

Whoever willfully violates any regulation under this chapter shall
be fined not more than $1,000 or imprisoned not more than one year, or
both.

(Pub. L. 91-508, title I, Sec. 126, Oct. 26, 1970, 84 Stat. 1118.)
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1957]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1957. Additional criminal penalty in certain cases

Whoever willfully violates, or willfully causes a violation of any
regulation under this chapter, section 1829b of this title, or section
1730d \1\ of this title, where the violation is committed in furtherance
of the commission of any violation of Federal law punishable by
imprisonment for more than one year, shall be fined not more than
$10,000 or imprisoned not more than five years, or both.
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\1\ See References in Text note below.
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(Pub. L. 91-508, title I, Sec. 127, Oct. 26, 1970, 84 Stat. 1118; Pub.
L. 102-550, title XV, Sec. 1535(c)(2), Oct. 28, 1992, 106 Stat. 4067.)

References in Text

Section 1730d of this title, referred to in text, was repealed by
Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.

Amendments

1992--Pub. L. 102-550 inserted ``, or willfully causes a violation
of'' after ``Whoever willfully violates''.From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1958]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1958. Compliance

The Secretary shall have the responsibility to assure compliance
with the requirements of this chapter and sections 1730d \1\ and 1829b
of this title and may delegate such responsibility to the appropriate
bank supervisory agency, or other supervisory agency.
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\1\ See References in Text note below.
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(Pub. L. 91-508, title I, Sec. 128, Oct. 26, 1970, 84 Stat. 1118.)

References in Text

Section 1730d of this title, referred to in text, was repealed by
Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1959]

TITLE 12--BANKS AND BANKING

CHAPTER 21--FINANCIAL RECORDKEEPING

Sec. 1959. Administrative procedure

The administrative procedure and judicial review provisions of
subchapter II of chapter 5 and chapter 7 of title 5 shall apply to all
proceedings under this chapter, section 1829b of this title, and section
1730d \1\ of this title.
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\1\ See References in Text note below.
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(Pub. L. 91-508, title I, Sec. 129, Oct. 26, 1970, 84 Stat. 1118.)

References in Text

Section 1730d of this title, referred to in text, was repealed by
Pub. L. 101-73, title IV, Sec. 407, Aug. 9, 1989, 103 Stat. 363.