Bank Secrecy Act (31 U.S.C.) § 5315 — Reports on foreign currency transactions
Bank Secrecy Act (31 U.S.C.), §5315 Reports on foreign currency transactions. Captured section-complete from Cornell LII (verbatim).
Verbatim regulatory text
Verbatim provisions from Bank Secrecy Act (31 U.S.C.) § 5315 — Reports on foreign currency transactions — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.
31 U.S.C. §5315(a)
(a) Congress finds that— (1) moving mobile capital can have a significant impact on the proper functioning of the international monetary system; (2) it is important to have the most feasible current and complete information on the kind and source of capital flows, including transactions by large United States businesses and their foreign affiliates; and (3) additional authority should be provided to collect information on capital flows under section 5(b) of the Trading With the Enemy Act (50 App. U.S.C. 5(b)) [1] and section 8 of the Bretton Woods Agreement Act ( 22 U.S.C. 286f ).
31 U.S.C. §5315(b)
(b) In this section, “ United States person ” and “ foreign person controlled by a United States person ” have the same meanings given those terms in section 7(f)(2)(A) and (C), respectively, of the Securities and Exchange Act of 1934 ( 15 U.S.C. 78g(f)(2)(A) , (C)).
31 U.S.C. §5315(c)
(c) The Secretary of the Treasury shall prescribe regulations consistent with subsection (a) of this section requiring reports on foreign currency transactions conducted by a United States person or a foreign person controlled by a United States person . The regulations shall require that a report contain information and be submitted at the time and in the way, with reasonable exceptions and classifications, necessary to carry out this section. ( Pub. L. 97–258 , Sept. 13, 1982 , 96 Stat. 997 .) [1] See References in Text note below. Historical and Revision Notes Revised Section Source (U.S. Code) Source (Statutes at Large) 5315(a) 31:1141. Sept. 21, 1973 , Pub. L. 93–110 , §§ 201, 202, 87 Stat. 353 . 5315(b), (c) 31:1142. In subsection (a)(3), the words “it is desirable to emphasize this objective . . . existing legal” are omitted as unnecessary. In subsection (c), the words “(hereafter referred to as the ‘Secretary’)” are omitted because of the restatement. The words “under the authority of this subchapter and any other authority conferred by law” are omitted as surplus. The word “prescribe” is substituted for “supplement” for clarity. The words “the statement of findings under” and “the submission of” are omitted as surplus. The words “Reports required under this subchapter shall cover foreign currency transactions” are omitted because of the restatement. The words “such terms are” and “the policy of” are omitted as surplus.