12 U.S.C. § 1951 — Congressional findings and declaration of

Page 1273 TITLE 12—BANKS AND BANKING § 1953 Sec. 1952. Reports on ownership and control. 1953. Recordkeeping and procedures. 1954. Injunctions. 1955. Civil penalties. 1956. Criminal penalty. 1957. Additional criminal penalty in certain cases. 1958. Compliance. 1959. Administrative procedure. 1960. Safe harbor with respect to keep open direc- tives. § 1951. Congressional findings and declaration of purpose (a) The Congress finds that certain records maintained by businesses engaged in the func- tions described in section 1953(b) of this title have a high degree of usefulness in criminal, tax, and regulatory investigations and pro- ceedings. The Congress further finds that the power to require reports of changes in the own- ership, control, and managements of types of fi- nancial institutions referred to in section 1952 of this title may be necessary for the same pur- pose. (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 useful- ness in criminal, tax, or regulatory investiga- tions or proceedings. (Pub. L. 91–508, title I, § 121, Oct. 26, 1970, 84 Stat. 1116.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Pub. L. 91–508, title IV, § 401(a), (b), Oct. 26, 1970, 84 Stat. 1125, provided that: ‘‘(a) Except as otherwise provided in this section, ti- tles 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 sec- tion 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 amend- ment 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 OF 2014 AMENDMENT Pub. L. 113–156, § 1, Aug. 8, 2014, 128 Stat. 1829, pro- vided that: ‘‘This Act [amending section 1958 of this title and section 5318 of Title 31, Money and Finance, and enacting provisions set out as a note under section 1958 of this title] may be cited as the ‘Money Remit- tances Improvement Act of 2014’.’’ SHORT TITLE Title I of Pub. L. 91–508, title II of Pub. L. 91–508, ti- tles I and II of Pub. L. 91–508, and subchapter II of chap- ter 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 (§ 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 Fi- nance, by Pub. L. 97–258, § 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. § 1952. Reports on ownership and control Where the Secretary determines that the mak- ing 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 inves- tigations or proceedings, he may by regulation require such banks or institutions to make such reports as he determines in respect of such own- ership, control, and managements and changes therein. (Pub. L. 91–508, title I, § 122, Oct. 26, 1970, 84 Stat. 1116.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, 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 cal- endar month which begins after Oct. 26, 1970, see sec- tion 401(a), (b) of Pub. L. 91–508, set out as a note under section 1951 of this title. § 1953. Recordkeeping and procedures (a) Regulations If the Secretary determines that the mainte- nance 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 re- ferred to in subsection (b), has a high degree of usefulness in criminal, tax, or regulatory inves- tigations 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 useful- ness in the conduct of intelligence or counter- intelligence activities, including analysis, to protect against international terrorism, he may by regulation require such bank, institution, or person— (1) to require, retain, or maintain, with re- spect to its functions as an uninsured bank or uninsured institution or its functions referred to in subsection (b), any records or evidence of any type which the Secretary is authorized under section 1829b of this title to require in- sured banks to require, retain, or maintain; and (2) to maintain procedures to assure compli- ance 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 viola- tion occurs or continues.