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119th Congress

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119th Congress

Title 31 — Money and Finance

Chapter 53 — Monetary Transactions

§ 5312. Definitions and application

Statutory text

(a)

In this subchapter—

(1)

“financial agency” means a person acting for a person (except for a country, a monetary or financial authority acting as a monetary or financial authority, or an international financial institution of which the United States Government is a member) as a financial institution, bailee, depository trustee, or agent, or acting in a similar way related to money, credit, securities, gold, a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency.

(2)

“financial institution” means—

(A)

an insured bank (as defined in section 3(h) of the Federal Deposit Insurance Act (12 U.S.C. 1813(h)));

(B)

a commercial bank or trust company;

(C)

a private banker;

(D)

an agency or branch of a foreign bank in the United States;

(E)

any credit union;

(F)

a thrift institution;

(G)

a broker or dealer registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.);

(H)

a broker or dealer in securities or commodities;

(I)

an investment banker or investment company;

(J)

a currency exchange, or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds;

(K)

an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, or similar instruments;

(L)

an operator of a credit card system;

(M)

an insurance company;

(N)

a dealer in precious metals, stones, or jewels;

(O)

a pawnbroker;

(P)

a loan or finance company;

(Q)

a travel agency;

(R)

a licensed sender of money or any other person who engages as a business in the transmission of currency, funds, or value that substitutes for currency, 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;

(S)

a telegraph company;

(T)

a business engaged in vehicle sales, including automobile, airplane, and boat sales;

(U)

persons involved in real estate closings and settlements;

(V)

the United States Postal Service;

(W)

an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this paragraph;

(X)

a casino, gambling casino, or gaming establishment with an annual gaming revenue of more than $1,000,000 which—

(i)

is licensed as a casino, gambling casino, or gaming establishment under the laws of any State or any political subdivision of any State; or

(ii)

is an Indian gaming operation conducted under or pursuant to the Indian Gaming Regulatory Act other than an operation which is limited to class I gaming (as defined in section 4(6) of such Act);

(Y)

any business or agency which engages in any activity which the Secretary of the Treasury determines, by regulation, to be an activity which is similar to, related to, or a substitute for any activity in which any business described in this paragraph is authorized to engage; or

(Z)

any other business designated by the Secretary whose cash transactions have a high degree of usefulness in criminal, tax, or regulatory matters.

(3)

“monetary instruments” means—

(A)

United States coins and currency;

(B)

as the Secretary may prescribe by regulation, coins and currency of a foreign country, travelers’ checks, bearer negotiable instruments, bearer investment securities, bearer securities, stock on which title is passed on delivery, and similar material;

(C)

as the Secretary of the Treasury shall provide by regulation for purposes of sections 5316 and 5331, checks, drafts, notes, money orders, and other similar instruments which are drawn on or by a foreign financial institution and are not in bearer form; and

(D)

as the Secretary shall provide by regulation, value that substitutes for any monetary instrument described in subparagraph (A), (B), or (C).

(4)

Nonfinancial trade or business.—

The term “nonfinancial trade or business” means any trade or business other than a financial institution that is subject to the reporting requirements of section 5313 and regulations prescribed under such section.

(5)

“person”, in addition to its meaning under section 1 of title 1, includes a trustee, a representative of an estate and, when the Secretary prescribes, a governmental entity.

(6)

“United States” means the States of the United States, the District of Columbia, and, when the Secretary prescribes by regulation, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, the Trust Territory of the Pacific Islands, a territory or possession of the United States, or a military or diplomatic establishment.

(b)

In this subchapter—

(1)

“domestic financial agency” and “domestic financial institution” apply to an action in the United States of a financial agency or institution.

(2)

“foreign financial agency” and “foreign financial institution” apply to an action outside the United States of a financial agency or institution.

(c)

Additional Definitions.—

For purposes of this subchapter, the following definitions shall apply:

(1)

 1 Certain institutions included in definition.—

The term “financial institution” (as defined in subsection (a)) includes the following:

(A)

 2 Any futures commission merchant, commodity trading advisor, or commodity pool operator registered, or required to register, under the Commodity Exchange Act.

Footnotes

  1. 1 So in original. No par. (2) has been enacted.
  2. 2 So in original. No subpar. (B) has been enacted.

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.

  1. Pub. L. 97–258 · 96 Stat. 995

    Enacted · 31 U.S.C. § 5312

    Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 995

    Source evidence

    Code source credit
    Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 995

  2. Money Laundering Control Act of 1986

    Pub. L. 99–570 § 1362(a) · 100 Stat. 3207

    Inserted · 31 U.S.C. § 5312(a)(2)(T)

    Pub. L. 99–570, § 1362(a), which directed that the Postal Service be included within United States agencies by amending subsec. (a)(2)(U) of this section by inserting before the semicolon at the end thereof the following “, including the United States Postal Service”, was executed to subsec. (a)(2)(T) of this section as the probable intent of Congress, because subsec. (a)(2)(U) does not contain a semicolon and subsec. (a)(2)(T) relates to United States agencies

    Source evidence

    Code amendment note
    Subsec. (a)(2)(T). Pub. L. 99–570, § 1362(a), which directed that the Postal Service be included within United States agencies by amending subsec. (a)(2)(U) of this section by inserting before the semicolon at the end thereof the following “, including the United States Postal Service”, was executed to subsec. (a)(2)(T) of this section as the probable intent of Congress, because subsec. (a)(2)(U) does not contain a semicolon and subsec. (a)(2)(T) relates to United States agencies.

    Enacted provision · exact public law section
    (a) United States Agencies Includes the Postal Service.— Section 5312(a)(2)(U) of title 31, United States Code (defining financial institutions) (as redesignated by subsection (a)) is amended by inserting before the semicolon at the end the following: “, including the United States Postal Service”.

  3. Money Laundering Control Act of 1986

    Pub. L. 99–570 § 1362(b) · 100 Stat. 3207

    Inserted · 31 U.S.C. § 5312(a)(5)

    Pub. L. 99–570, § 1362(b), inserted “the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, the Trust Territory of the Pacific Islands,” after “Puerto Rico”

    Source evidence

    Code amendment note
    Subsec. (a)(5). Pub. L. 99–570, § 1362(b), inserted “the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, the Trust Territory of the Pacific Islands,” after “Puerto Rico”.

    Enacted provision · exact public law section
    (b) United States Includes Certain Territories and Possessions.— Section 5312(a)(5) of title 31, United States Code, is amended by inserting “the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, the Trust Territory of the Pacific Islands,” after “Puerto Rico”.

  4. Money Laundering Prosecution Improvements Act of 1988

    Pub. L. 100–690 § 6185(a) · 102 Stat. 4181

    1. Added · 31 U.S.C. § 5312(a)(2)(T)(Y)

      Pub. L. 100–690, § 6185(a), added subpars. (T) to (Y)

    2. Struck · 31 U.S.C. § 5312(a)(2)(T)(Y)

      Pub. L. 100–690, § 6185(a), struck out former subpars. (T) and (U) which read as follows:

    Source evidence

    Code amendment note
    Subsec. (a)(2)(T) to (Y). Pub. L. 100–690, § 6185(a), added subpars. (T) to (Y) and struck out former subpars. (T) and (U) which read as follows:

    “(T) an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this clause (2), including the United States Postal Service; or “(U) another business or agency carrying out a similar, related, or substitute duty or power the Secretary of the Treasury prescribes.”

    Enacted provision · exact public law section
    (a) Business Similar to Financial Institutions.— Section 5312(a)(2) of title 31, United States Code, is amended by striking subparagraphs (T) and (U) and inserting the following: “(T) a business engaged in vehicle sales, including automobile, airplane, and boat sales; “(U) persons involved in real estate closings and settlements; “(V) the United States Postal Service; “(W) an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this paragraph; “(X) any business or agency which engages in any activity which the Secretary of the Treasury determines, by regulation, to be an activity which is similar to, related to, or a substitute for any activity in which any business described in this paragraph is authorized to engage; or “(Y) any other business designated by the Secretary whose cash transactions have a high degree of usefulness in criminal, tax, or regulatory matters.”.

  5. Money Laundering Prosecution Improvements Act of 1988

    Pub. L. 100–690 § 6185(g)(1) · 102 Stat. 4181

    1. Inserted · 31 U.S.C. § 5312(a)(5)

      Pub. L. 100–690, § 6185(g)(1), inserted a comma after “Puerto Rico”

    2. Struck · 31 U.S.C. § 5312(a)(5)

      Pub. L. 100–690, § 6185(g)(1), struck out second comma after “Pacific Islands”

    Source evidence

    Code amendment note
    Subsec. (a)(5). Pub. L. 100–690, § 6185(g)(1), inserted a comma after “Puerto Rico” and struck out second comma after “Pacific Islands”.

    Enacted provision · exact public law section
    (1) Section 5312(a)(5) of title 31, United States Code, is amended— (A) by inserting a comma after “Puerto Rico”; and (B) by striking the second comma after “Pacific Islands”.

  6. Money Laundering Suppression Act of 1994

    Pub. L. 103–325 § 409 · 108 Stat. 2160

    1. Added · 31 U.S.C. § 5312(a)(2)(X)(Z)

      Pub. L. 103–325, § 409, added subpar. (X)

    2. Redesignated · 31 U.S.C. § 5312(a)(2)(X)(Z)

      Pub. L. 103–325, § 409, redesignated former subpars. (X) and (Y) as (Y) and (Z), respectively

    Source evidence

    Code amendment note
    Subsec. (a)(2)(X) to (Z). Pub. L. 103–325, § 409, added subpar. (X) and redesignated former subpars. (X) and (Y) as (Y) and (Z), respectively.

    Enacted provision · exact public law section
    SEC. 409. UNIFORM FEDERAL REGULATION OF CASINOS. Section 5312(a)(2) of title 31, United States Code, is amended— (1) by redesignating subparagraphs (X) and (Y) as subparagraphs (Y) and (Z), respectively; and (2) by inserting after subparagraph (W) the following new subparagraph: “(X) a casino, gambling casino, or gaming establishment with an annual gaming revenue of more than $1,000,000 which— “(i) is licensed as a casino, gambling casino, or gaming establishment under the laws of any State or any political subdivision of any State; or “(ii) is an Indian gaming operation conducted under or pursuant to the Indian Gaming Regulatory Act other than an operation which is limited to class I gaming (as defined in section 4(6) of such Act);”.

  7. Money Laundering Suppression Act of 1994

    Pub. L. 103–325 § 405 · 108 Stat. 2160

    Added · 31 U.S.C. § 5312(a)(3)(C)

    Pub. L. 103–325, § 405, added subpar. (C)

    Source evidence

    Code amendment note
    Subsec. (a)(3)(C). Pub. L. 103–325, § 405, added subpar. (C).

    Enacted provision · exact public law section
    SEC. 405. NEGOTIABLE INSTRUMENTS DRAWN ON FOREIGN BANKS SUBJECT TO RECORDKEEPING AND REPORTING REQUIREMENTS. Section 5312(a)(3) of title 31, United States Code, is amended— (1) by striking “and” at the end of subparagraph (A); (2) by striking the period at the end of subparagraph (B) and inserting “; and”; and (3) by adding at the end the following new subparagraph: Regulations. “(C) as the Secretary of the Treasury shall provide by regulation for purposes of section 5316, checks, drafts, notes, money orders, and other similar instruments which are drawn on or by a foreign financial institution and are not in bearer form.”.

  8. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

    Pub. L. 107–56 § 321(a) · 115 Stat. 272

    1. Amended · 31 U.S.C. § 5312(a)(2)(E)

      Pub. L. 107–56, § 321(a), as amended by Pub. L. 108–458, § 6202(g)

    2. Amended · 31 U.S.C. § 5312(a)(2)(E)

      Pub. L. 107–56, § 321(a), as amended subpar. (E) generally. Prior to amendment, subpar. (E) read as follows: “an insured institution (as defined in section 401(a) of the National Housing Act (12 U.S.C. 1724(a)));”

    Source evidence

    Code amendment note
    Subsec. (a)(2)(E). Pub. L. 107–56, § 321(a), as amended by Pub. L. 108–458, § 6202(g), amended subpar. (E) generally. Prior to amendment, subpar. (E) read as follows: “an insured institution (as defined in section 401(a) of the National Housing Act (12 U.S.C. 1724(a)));”.

    Enacted provision · exact public law section
    (a) Credit Unions.— Subparagraph (E) of section 5312(2) of title 31, United States Code, is amended to read as follows: “(E) any credit union;”.

  9. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

    Pub. L. 107–56 § 359(a) · 115 Stat. 272

    Amended · 31 U.S.C. § 5312(a)(2)(R)

    Pub. L. 107–56, § 359(a), amended subpar. (R) generally. Prior to amendment, subpar. (R) read as follows: “a licensed sender of money;”

    Source evidence

    Code amendment note
    Subsec. (a)(2)(R). Pub. L. 107–56, § 359(a), amended subpar. (R) generally. Prior to amendment, subpar. (R) read as follows: “a licensed sender of money;”.

    Enacted provision · exact public law section
    (a) Definition for Subchapter.— Section 5312(a)(2)(R) of title31, United States Code, is amended to read as follows: “(R) a licensed sender of money 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;”.

  10. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

    Pub. L. 107–56 § 365(c)(2)(A) · 115 Stat. 272

    Substituted · 31 U.S.C. § 5312(a)(3)(C)

    Pub. L. 107–56, § 365(c)(2)(A), substituted “sections 5333 and 5316,” for “section 5316,”

    Source evidence

    Code amendment note
    Subsec. (a)(3)(C). Pub. L. 107–56, § 365(c)(2)(A), substituted “sections 5333 and 5316,” for “section 5316,”.

    Enacted provision · exact public law section
    (A) Section 5312(a)(3)(C) of title 31, United States Code, is amended by striking “section 5316,” and inserting “sections 5333 and 5316,”.

  11. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

    Pub. L. 107–56 § 365(c)(1) · 115 Stat. 272

    1. Added · 31 U.S.C. § 5312(a)(4)(6)

      Pub. L. 107–56, § 365(c)(1), added par. (4)

    2. Redesignated · 31 U.S.C. § 5312(a)(4)(6)

      Pub. L. 107–56, § 365(c)(1), redesignated former pars. (4) and (5) as (5) and (6), respectively

    Source evidence

    Code amendment note
    Subsec. (a)(4) to (6). Pub. L. 107–56, § 365(c)(1), added par. (4) and redesignated former pars. (4) and (5) as (5) and (6), respectively.

    Enacted provision · exact public law section
    (1) In general.— Section 5312(a) of title 31, United States Code, is amended— (A) by redesignating paragraphs (4) and (5) as paragraphs (5) and (6), respectively; and (B) by inserting after paragraph (3) the following new paragraph: “(4) Nonfinancial trade or business.— The term ‘non-financial trade or business’ means any trade or business other than a financial institution that is subject to the reporting requirements of section 5313 and regulations prescribed under such section.”.

  12. International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001

    Pub. L. 107–56 § 321(b) · 115 Stat. 272

    Added · 31 U.S.C. § 5312(c)

    Pub. L. 107–56, § 321(b), added subsec. (c)

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 107–56, § 321(b), added subsec. (c).

    Enacted provision · exact public law section
    (b) Futures Commission Merchant; Commodity Trading Advisor; Commodity Pool Operator.— Section 5312 of title 31,United States Code, is amended by adding at the end the following new subsection: “(c) Additional Definitions.— For purposes of this subchapter, the following definitions shall apply: “(1) Certain institutions included in definition.— The term ‘financial institution’ (as defined in subsection (a)) includes the following: “(A) Any futures commission merchant, commodity trading advisor, or commodity pool operator registered, or required to register, under the Commodity Exchange Act.”.

  13. International Money Laundering Abatement and Financial Antiterrorism Technical Corrections Act of 2004

    Pub. L. 108–458 § 6202(g) · 118 Stat. 3638

    Changed · 31 U.S.C. § 5312(a)(2)(E)

    Pub. L. 108–458, § 6202(g), made technical correction to directory language of Pub. L. 107–56, § 321(a). See 2001 Amendment note below

    Source evidence

    Code amendment note
    Subsec. (a)(2)(E). Pub. L. 108–458, § 6202(g), made technical correction to directory language of Pub. L. 107–56, § 321(a). See 2001 Amendment note below.

    Enacted provision · exact public law section
    (g) Section 321(a) of Public Law 107–56 31 USC 5312. is amended by striking “5312(2)” and inserting “5312(a)(2)”.

  14. International Money Laundering Abatement and Financial Antiterrorism Technical Corrections Act of 2004

    Pub. L. 108–458 § 6203(b) · 118 Stat. 3638

    Substituted · 31 U.S.C. § 5312(a)(3)(C)

    Pub. L. 108–458, § 6203(b), substituted “sections 5316 and 5331” for “sections 5333 and 5316”

    Source evidence

    Code amendment note
    Subsec. (a)(3)(C). Pub. L. 108–458, § 6203(b), substituted “sections 5316 and 5331” for “sections 5333 and 5316”.

    Enacted provision · exact public law section
    (b) Section 5312(a)(3)(C) of title 31, United States Code, is amended by striking “sections 5333 and 5316” and inserting “sections 5316 and 5331”.

  15. Anti-Money Laundering Act of 2020

    Pub. L. 116–283 § 6102(d)(1)(A) · 134 Stat. 3388

    Substituted · 31 U.S.C. § 5312(a)(1)

    Pub. L. 116–283, § 6102(d)(1)(A), substituted “, a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency” for “, or a transaction in money, credit, securities, or gold”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 116–283, § 6102(d)(1)(A), substituted “, a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency” for “, or a transaction in money, credit, securities, or gold”.

    Enacted provision · exact public law section
    (A) in paragraph (1), by striking “, or a transaction in money, credit, securities, or gold” and inserting “, a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency”;

    Effective date note
    Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), Jan. 1, 2021, 134 Stat. 4562, provided that: “Section 5312(a)(2)(Y) of title 31, United States Code, as added by paragraph (1), shall take effect on the effective date of the final rules issued by the Secretary of the Treasury pursuant to subsection (b) [see note below].”

  16. Anti-Money Laundering Act of 2020

    Pub. L. 116–283 § 6102(d)(1)(B)(i) · 134 Stat. 3388

    Substituted · 31 U.S.C. § 5312(a)(2)(J)

    Pub. L. 116–283, § 6102(d)(1)(B)(i), inserted “, or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” before semicolon at end

    Source evidence

    Code amendment note
    Subsec. (a)(2)(J). Pub. L. 116–283, § 6102(d)(1)(B)(i), inserted “, or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” before semicolon at end.

    Enacted provision · exact public law section
    (i) in subparagraph (J), by inserting “, or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” before the semicolon at the end; and

    Effective date note
    Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), Jan. 1, 2021, 134 Stat. 4562, provided that: “Section 5312(a)(2)(Y) of title 31, United States Code, as added by paragraph (1), shall take effect on the effective date of the final rules issued by the Secretary of the Treasury pursuant to subsection (b) [see note below].”

  17. Anti-Money Laundering Act of 2020

    Pub. L. 116–283 § 6102(d)(i)(B)(ii) · 134 Stat. 3388

    Substituted · 31 U.S.C. § 5312(a)(2)(R)

    Pub. L. 116–283, § 6102(d)(i)(B)(ii), substituted “currency, funds, or value that substitutes for currency,” for “funds,”

    Source evidence

    Code amendment note
    Subsec. (a)(2)(R). Pub. L. 116–283, § 6102(d)(i)(B)(ii), substituted “currency, funds, or value that substitutes for currency,” for “funds,”.

    Enacted provision · exact public law section
    (i) in subparagraph (J), by inserting “, or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” before the semicolon at the end; and

    Effective date note
    Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), Jan. 1, 2021, 134 Stat. 4562, provided that: “Section 5312(a)(2)(Y) of title 31, United States Code, as added by paragraph (1), shall take effect on the effective date of the final rules issued by the Secretary of the Treasury pursuant to subsection (b) [see note below].”

  18. Anti-Money Laundering Act of 2020

    Pub. L. 116–283 § 6110(a)(1) · 134 Stat. 3388

    1. Added · 31 U.S.C. § 5312(a)(2)(Y)(AA)

      Pub. L. 116–283, § 6110(a)(1), added subpar. (Y)

    2. Redesignated · 31 U.S.C. § 5312(a)(2)(Y)(AA)

      Pub. L. 116–283, § 6110(a)(1), redesignated former subpars. (Y) and (Z) as (Z) and (AA), respectively

    Source evidence

    Code amendment note
    Subsec. (a)(2)(Y) to (AA). Pub. L. 116–283, § 6110(a)(1), added subpar. (Y) and redesignated former subpars. (Y) and (Z) as (Z) and (AA), respectively.

    Enacted provision · exact public law section
    (1) In general.— Section 5312(a)(2) of title 31, United States Code, is amended— (A) by redesignating subparagraphs (Y) and (Z) as subparagraphs (Z) and (AA), respectively; and (B) by inserting after subparagraph (X) the following: “(Y) a person engaged in the trade of antiquities, including an advisor, consultant, or any other person who engages as a business in the solicitation or the sale of antiquities, subject to regulations prescribed by the Secretary;” .

    Effective date note
    Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), Jan. 1, 2021, 134 Stat. 4562, provided that: “Section 5312(a)(2)(Y) of title 31, United States Code, as added by paragraph (1), shall take effect on the effective date of the final rules issued by the Secretary of the Treasury pursuant to subsection (b) [see note below].”

  19. Anti-Money Laundering Act of 2020

    Pub. L. 116–283 § 6102(d)(1)(C) · 134 Stat. 3388

    Added · 31 U.S.C. § 5312(a)(3)(D)

    Pub. L. 116–283, § 6102(d)(1)(C), added subpar. (D)

    Source evidence

    Code amendment note
    Subsec. (a)(3)(D). Pub. L. 116–283, § 6102(d)(1)(C), added subpar. (D).

    Enacted provision · exact public law section
    (C) in paragraph (3)— (i) in subparagraph (B), by striking “and” at the end; (ii) in subparagraph (C), by striking the period at the end and inserting “; and”; and (iii) by adding at the end the following: “(D) as the Secretary shall provide by regulation, value that substitutes for any monetary instrument described in subparagraph (A), (B), or (C).” .

    Effective date note
    Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), Jan. 1, 2021, 134 Stat. 4562, provided that: “Section 5312(a)(2)(Y) of title 31, United States Code, as added by paragraph (1), shall take effect on the effective date of the final rules issued by the Secretary of the Treasury pursuant to subsection (b) [see note below].”

24 of 25 references resolved to an enrolled provision · 1 partial

Notes

historicalAndRevision
Historical and Revision Notes
Revised SectionSource (U.S. Code)Source (Statutes at Large)
5312(a)(1)31:1052(a), (b), (g), (i).Oct. 26, 1970, Pub. L. 91–508, § 203(a)–(i), (l), 84 Stat. 1118.
5312(a)(2)31:1052(e).
5312(a)(3)31:1052(l).
5312(a)(4)31:1052(c).
5312(a)(5)31:1052(d).
5312(b)31:1052(f), (h).

In subsection (a)(1), the text of 31:1052(a) is omitted as unnecessary. The text of 31:1052(b) is omitted because of the restatement. The text of 31:1052(i) is omitted as unnecessary because the source provision is restated where necessary in the revised subchapter.

In subsection (a)(2), (3), (4), and (5), the words “the Secretary . . . prescribes” are substituted for “specified by the Secretary by regulation”, “as the Secretary may by regulation specify”, “specified by the Secretary”, and “the Secretary shall by regulation specify” for consistency.

In subsection (a)(2) and (3), the words “for the purposes of the provision of this chapter to which the regulation relates” are omitted as surplus.

In subsection (a)(2), before subclause (A), the words “any person which does business in any one or more of the following capacities” are omitted as surplus. In subclause (F), the words “savings bank, building and loan association, credit union, industrial bank, or other” are omitted as surplus. In subclause (T), the words “agency of the United States Government or of a State or local government” are substituted for “Federal, State, or local government institution” for consistency. In subclause (U), the words “type of” are omitted as surplus. The word “agency” is substituted for “institution” for consistency.

In subsection (a)(3)(B)–(5), the word “prescribe” is substituted for “specify” for consistency in the revised title and with other titles of the United States Code.

In subsection (a)(3)(B), the words “in addition”, and “and such types of” are omitted as surplus. The words “similar material” are substituted for “the equivalent thereof” for clarity.

In subsection (a)(4), the words “in addition to its meaning under section 1 of title 1” are substituted for “natural persons, partnerships, . . . associations, corporations, and all entities cognizable as legal personalities” for consistency because 1:1 is applicable to all laws unless otherwise provided. The words “a trustee, a representative of an estate” are substituted for “trusts, estates”, and the word “entity” is substituted for “department or agency”, for consistency. The words “either for the purpose of this chapter generally or any particular requirement thereunder” are omitted as surplus.

In subsection (a)(5), the words “used in a geographic sense” are omitted because of the restatement. The words “either for the purposes of this chapter generally or any particular requirement thereunder” are omitted as surplus. The words “territory or” are added for consistency.

Subsection (b) is substituted for 31:1052(f) and (h) to eliminate unnecessary words and for consistency.

Amendment of Subsection (a)(2)

Pub. L. 116–283, div. F, title LXI, § 6110(a), , 134 Stat. 4561, provided that, effective on the effective date of the final rules issued by the Secretary of the Treasury pursuant to section 6110(b) of Pub. L. 116–283 (set out below), subsection (a)(2) of this section is amended—

(1) by redesignating subparagraphs (Y) and (Z) as subparagraphs (Z) and (AA), respectively; and

(2) by inserting after subparagraph (X) the following:

“(Y) a person engaged in the trade of antiquities, including an advisor, consultant, or any other person who engages as a business in the solicitation or the sale of antiquities, subject to regulations prescribed by the Secretary;”.

See 2021 Amendment note and Rulemaking note below.

Editorial Notes

References in Text

The Securities Exchange Act of 1934, referred to in subsec. (a)(2)(G), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.

The Indian Gaming Regulatory Act, referred to in subsec. (a)(2)(X)(ii), is Pub. L. 100–497, , 102 Stat. 2467, which is classified principally to chapter 29 (§ 2701 et seq.) of Title 25, Indians. Section 4(6) of the Act is classified to section 2703(6) of Title 25. For complete classification of this Act to the Code, see Short Title note set out under section 2701 of this title and Tables.

The Commodity Exchange Act, referred to in subsec. (c)(1)(A), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.

Amendments1986–2021 · 6 rounds

2021

Subsec. (a)(1). Pub. L. 116–283, § 6102(d)(1)(A), substituted “, a transaction in money, credit, securities or gold, or a service provided with respect to money, securities, futures, precious metals, stones and jewels, or value that substitutes for currency” for “, or a transaction in money, credit, securities, or gold”.

Subsec. (a)(2)(J). Pub. L. 116–283, § 6102(d)(1)(B)(i), inserted “, or a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” before semicolon at end.

Subsec. (a)(2)(R). Pub. L. 116–283, § 6102(d)(i)(B)(ii), substituted “currency, funds, or value that substitutes for currency,” for “funds,”.

Subsec. (a)(2)(Y) to (AA). Pub. L. 116–283, § 6110(a)(1), added subpar. (Y) and redesignated former subpars. (Y) and (Z) as (Z) and (AA), respectively.

Subsec. (a)(3)(D). Pub. L. 116–283, § 6102(d)(1)(C), added subpar. (D).

2004

Subsec. (a)(2)(E). Pub. L. 108–458, § 6202(g), made technical correction to directory language of Pub. L. 107–56, § 321(a). See 2001 Amendment note below.

Subsec. (a)(3)(C). Pub. L. 108–458, § 6203(b), substituted “sections 5316 and 5331” for “sections 5333 and 5316”.

2001

Subsec. (a)(2)(E). Pub. L. 107–56, § 321(a), as amended by Pub. L. 108–458, § 6202(g), amended subpar. (E) generally. Prior to amendment, subpar. (E) read as follows: “an insured institution (as defined in section 401(a) of the National Housing Act (12 U.S.C. 1724(a)));”.

Subsec. (a)(2)(R). Pub. L. 107–56, § 359(a), amended subpar. (R) generally. Prior to amendment, subpar. (R) read as follows: “a licensed sender of money;”.

Subsec. (a)(3)(C). Pub. L. 107–56, § 365(c)(2)(A), substituted “sections 5333 and 5316,” for “section 5316,”.

Subsec. (a)(4) to (6). Pub. L. 107–56, § 365(c)(1), added par. (4) and redesignated former pars. (4) and (5) as (5) and (6), respectively.

Subsec. (c). Pub. L. 107–56, § 321(b), added subsec. (c).

1994

Subsec. (a)(2)(X) to (Z). Pub. L. 103–325, § 409, added subpar. (X) and redesignated former subpars. (X) and (Y) as (Y) and (Z), respectively.

Subsec. (a)(3)(C). Pub. L. 103–325, § 405, added subpar. (C).

1988

Subsec. (a)(2)(T) to (Y). Pub. L. 100–690, § 6185(a), added subpars. (T) to (Y) and struck out former subpars. (T) and (U) which read as follows:

“(T) an agency of the United States Government or of a State or local government carrying out a duty or power of a business described in this clause (2), including the United States Postal Service; or

“(U) another business or agency carrying out a similar, related, or substitute duty or power the Secretary of the Treasury prescribes.”

Subsec. (a)(5). Pub. L. 100–690, § 6185(g)(1), inserted a comma after “Puerto Rico” and struck out second comma after “Pacific Islands”.

1986

Subsec. (a)(2)(T). Pub. L. 99–570, § 1362(a), which directed that the Postal Service be included within United States agencies by amending subsec. (a)(2)(U) of this section by inserting before the semicolon at the end thereof the following “, including the United States Postal Service”, was executed to subsec. (a)(2)(T) of this section as the probable intent of Congress, because subsec. (a)(2)(U) does not contain a semicolon and subsec. (a)(2)(T) relates to United States agencies.

Subsec. (a)(5). Pub. L. 99–570, § 1362(b), inserted “the Virgin Islands, Guam, the Northern Mariana Islands, American Samoa, the Trust Territory of the Pacific Islands,” after “Puerto Rico”.

Statutory Notes and Related Subsidiaries

Effective Date of 2021 Amendment

Pub. L. 116–283, div. F, title LXI, § 6110(a)(2), , 134 Stat. 4562, provided that: “Section 5312(a)(2)(Y) of title 31, United States Code, as added by paragraph (1), shall take effect on the effective date of the final rules issued by the Secretary of the Treasury pursuant to subsection (b) [see note below].”

Effective Date of 2004 Amendment

Amendment by Pub. L. 108–458 effective as if included in Pub. L. 107–56, as of the date of enactment of such Act, and no amendment made by Pub. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Pub. L. 108–458, set out as a note under section 1828 of Title 12, Banks and Banking.

Rulemaking

Pub. L. 116–283, div. F, title LXI, § 6110(b), , 134 Stat. 4562, provided that:

“(1)

In general.—

Not later than 360 days after the date of enactment of this Act [], the Secretary of the Treasury shall issue proposed rules to carry out the amendments made by subsection (a) [amending this section].

“(2)

Considerations.—

Before issuing a proposed rule under paragraph (1), the Secretary of the Treasury (acting through the Director of the FinCEN [Financial Crimes Enforcement Network of the Department of the Treasury]), in coordination with the Federal Bureau of Investigation, the Attorney General, and Homeland Security Investigations, shall consider—

“(A)

the appropriate scope for the rulemaking, including determining which persons should be subject to the rulemaking, by size, type of business, domestic or international geographical locations, or otherwise;

“(B)

the degree to which the regulations should focus on high-value trade in antiquities, and on the need to identify the actual purchasers of such antiquities, in addition to the agents or intermediaries acting for or on behalf of such purchasers;

“(C)

the need, if any, to identify persons who are dealers, advisors, consultants, or any other persons who engage as a business in the trade in antiquities;

“(D)

whether thresholds should apply in determining which persons to regulate;

“(E)

whether certain exemptions should apply to the regulations; and

“(F)

any other matter the Secretary determines appropriate.”

[Advance notice of proposed rulemaking (RIN 1506–AB50) issued , with public comment period ending , see 86 F.R. 53021. Notice withdrawn , see 90 F.R. 45556.]

Executive Documents

Termination of Trust Territory of the Pacific Islands

For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.

Credits

1982–2021 · 7 acts
  1. 1982Pub. L. 97–258, , 96 Stat. 995
  2. 1986Pub. L. 99–570, title I, § 1362, , 100 Stat. 3207–33
  3. 1988Pub. L. 100–690, title VI, § 6185(a), (g)(1), , 102 Stat. 4354, 4357
  4. 1994Pub. L. 103–325, title IV, §§ 405, 409, , 108 Stat. 2247, 2252
  5. 2001Pub. L. 107–56, title III, §§ 321(a), (b), 359(a), 365(c)(1), (2)(A), , 115 Stat. 315, 328, 335
  6. 2004Pub. L. 108–458, title VI, §§ 6202(g), 6203(b), , 118 Stat. 3746
  7. 2021Pub. L. 116–283, div. F, title LXI, §§ 6102(d)(1), 6110(a)(1), , 134 Stat. 4553, 4561.
Show as published

(Pub. L. 97–258, , 96 Stat. 995; Pub. L. 99–570, title I, § 1362, , 100 Stat. 3207–33; Pub. L. 100–690, title VI, § 6185(a), (g)(1), , 102 Stat. 4354, 4357; Pub. L. 103–325, title IV, §§ 405, 409, , 108 Stat. 2247, 2252; Pub. L. 107–56, title III, §§ 321(a), (b), 359(a), 365(c)(1), (2)(A), , 115 Stat. 315, 328, 335; Pub. L. 108–458, title VI, §§ 6202(g), 6203(b), , 118 Stat. 3746; Pub. L. 116–283, div. F, title LXI, §§ 6102(d)(1), 6110(a)(1), , 134 Stat. 4553, 4561.)

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