2013 US Code
Title 31 - Money and Finance
Subtitle IV - MONEY (§§ 5101 - 5367)
Chapter 53 - MONETARY TRANSACTIONS (§§ 5301 - 5367)
Subchapter II - RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS (§§ 5311 - 5332)
Section 5330 - Registration of money transmitting businesses
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 31 - MONEY AND FINANCE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 31 - MONEY AND FINANCE SUBTITLE IV - MONEY CHAPTER 53 - MONETARY TRANSACTIONS SUBCHAPTER II - RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS Sec. 5330 - Registration of money transmitting businesses |
Contains | section 5330 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 103-325, title IV, §408(b), Sept. 23, 1994, 108 Stat. 2250; amended Pub. L. 107-56, title III, §359(b), Oct. 26, 2001, 115 Stat. 328. |
Statutes at Large References | 108 Stat. 2250, 2249 115 Stat. 328 |
Public Law References | Public Law 103-325, Public Law 107-56 |
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(a)
(1)
(A) the date of enactment of the Money Laundering Suppression Act of 1994; or
(B) the date on which the business is established.
(2)
(3)
(4)
(b)
(1) The name and location of the business.
(2) The name and address of each person who—
(A) owns or controls the business;
(B) is a director or officer of the business; or
(C) otherwise participates in the conduct of the affairs of the business.
(3) The name and address of any depository institution at which the business maintains a transaction account (as defined in section 19(b)(1)(C) of the Federal Reserve Act).
(4) An estimate of the volume of business in the coming year (which shall be reported annually to the Secretary).
(5) Such other information as the Secretary of the Treasury may require.
(c)
(1)
(A) maintain a list containing the names and addresses of all persons authorized to act as an agent for such business in connection with activities described in subsection (d)(1)(A) and such other information about such agents as the Secretary may require; and
(B) make the list and other information available on request to any appropriate law enforcement agency.
(2)
(d)
(1)
(A) provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers' checks, and other similar instruments or any other person who 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
(B) is required to file reports under section 5313; and
(C) is not a depository institution (as defined in section 5313(g)).
(2)
(e)
(1)
(2)
(3)
(Added Pub. L. 103–325, title IV, §408(b), Sept. 23, 1994, 108 Stat. 2250; amended Pub. L. 107–56, title III, §359(b), Oct. 26, 2001, 115 Stat. 328.)
REFERENCES IN TEXTThe date of enactment of the Money Laundering Suppression Act of 1994, referred to in subsec. (a)(1)(A), is the date of enactment of title IV of Pub. L. 103–325, which was approved Sept. 23, 1994.
Section 19(b)(1)(C) of the Federal Reserve Act, referred to in subsec. (b)(3), is classified to section 461(b)(1)(C) of Title 12, Banks and Banking.
AMENDMENTS2001—Subsec. (d)(1)(A). Pub. L. 107–56 inserted before semicolon "or any other person who 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;".
FINDINGS AND PURPOSESPub. L. 103–325, title IV, §408(a), Sept. 23, 1994, 108 Stat. 2249, provided that:
"(1)
"(A) Money transmitting businesses are subject to the recordkeeping and reporting requirements of subchapter II of chapter 53 of title 31, United States Code.
"(B) Money transmitting businesses are largely unregulated businesses and are frequently used in sophisticated schemes to—
"(i) transfer large amounts of money which are the proceeds of unlawful enterprises; and
"(ii) evade the requirements of such subchapter II, the Internal Revenue Code of 1986 [26 U.S.C. 1 et seq.], and other laws of the United States.
"(C) Information on the identity of money transmitting businesses and the names of the persons who own or control, or are officers or employees of, a money transmitting business would have a high degree of usefulness in criminal, tax, or regulatory investigations and proceedings.
"(2)
1 So in original.
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