Title 12 — Banks and Banking
Chapter 21 — Financial Recordkeeping
§ 1955. Civil penalties
Statutory text
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.
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 91–508 title I § 125 · 84 Stat. 1114
Enacted · 12 U.S.C. § 1955
Pub. L. 91–508, title I, § 125, Oct. 26, 1970, 84 Stat. 1117
Source evidence
Code source credit
Pub. L. 91–508, title I, § 125, Oct. 26, 1970, 84 Stat. 1117Enacted provision · exact public law section
§ 125. Civil penalties (a) For each willful violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully participates in the violation, a civil penalty not exceeding $1,000, (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.Money Laundering Prosecution Improvements Act of 1988
Pub. L. 100–690 title VI § 6185(d)(3)(B) · 102 Stat. 4181
Inserted · 12 U.S.C. § 1955(a)
Pub. L. 100–690 inserted “or grossly negligent” after “willful” and “or through gross negligence” after “willfully”
Substituted · 12 U.S.C. § 1955(a)
Pub. L. 100–690 substituted “$10,000” for “$1,000”
Source evidence
Code amendment note
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”.Enacted provision · exact public law section
(B) Civil penalties.— Section 125(a) of Public Law 91–508 (12 U.S.C. 1955(a)) is amended— (i) by striking out “$1,000” and inserting in lieu thereof “$10,000”; (ii) by inserting “or grossly negligent” after “willful”; and “(iii) by inserting “or through gross negligence” after “willfully”.AnnunzioWylie Anti-Money Laundering Act
Pub. L. 102–550 title XV § 1535(c)(1) · 106 Stat. 3672
Inserted · 12 U.S.C. § 1955(a)
Pub. L. 102–550 inserted “or any person willfully causing a violation of the regulation,” after “applies,”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 102–550 inserted “or any person willfully causing a violation of the regulation,” after “applies,”.Enacted provision · exact public law section
(1) in section 125(a), by inserting “or any person willfully 12 USC 1955. causing a violation of the regulation,” after “appliesand
4 of 4 references resolved to an enrolled provision
Editorial Notes
Amendments1988–1992 · 2 rounds
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”.
Statutory Notes and Related Subsidiaries
Effective Date
Section effective on first day of seventh calendar month which begins after , except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth calendar month which begins after , see section 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title.