[Code of Federal Regulations]
[Title 31, Volume 1]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR103.57]

[Page 414-415]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
                      CHAPTER I--MONETARY OFFICES,
                       DEPARTMENT OF THE TREASURY
 
PART 103_FINANCIAL RECORDKEEPING AND REPORTING OF CURRENCY AND FOREIGN 
TRANSACTIONS--Table of Contents
 
                      Subpart E_General Provisions
 
Sec. 103.57  Civil penalty.

    (a) For any willful violation, committed on or before October 12, 
1984, of any reporting requirement for financial institutions under this 
part or of any recordkeeping requirements of Sec. 103.22, the Secretary 
may assess upon any domestic financial institution, and upon any 
partner, director, officer, or employee thereof who willfully 
participates in the violation, a civil penalty not to exceed $1,000.
    (b) For any willful violation committed after October 12, 1984 and 
before October 28, 1986, of any reporting requirement for financial 
institutions under this part or of the recordkeeping requirements of 
Sec. 103.32, the Secretary may assess upon any domestic financial 
institution, and upon any partner, director, officer, or employee 
thereof who willfully participates in the violation, a civil penalty not 
to exceed $10,000.
    (c) For any willful violation of any recordkeeping requirement for 
financial institutions, except violations of Sec. 103.32, under this 
part, the Secretary may assess upon any domestic financial institution, 
and upon any partner, director, officer, or employee thereof who 
willfully participates in the violation, a civil penalty not to exceed 
$1,000.
    (d) For any failure to file a report required under Sec. 103.23 or 
for filing such a report containing any material omission or 
misstatement, the Secretary may assess a civil penalty up to the amount 
of the currency or monetary instruments transported, mailed or shipped, 
less any amount forfeited under Sec. 103.58.
    (e) For any willful violation of Sec. 103.63 committed after 
January 26, 1987, the Secretary may assess upon any person a civil 
penalty not to exceed the amount of coins and currency involved in the 
transaction with respect to which such penalty is imposed. The amount of 
any civil penalty assessed under this paragraph shall be reduced by the 
amount of any forfeiture to the United States in connection with the 
transaction for which the penalty was imposed.
    (f) For any willful violation committed after October 27, 1986, of 
any reporting requirement for financial institutions under this part 
(except Sec. 103.24, Sec. 103.25 or Sec. 103.32), the Secretary may 
assess upon any domestic financial institution, and upon any partner, 
director, officer, or employee thereof who willfully participates in the 
violation,

[[Page 415]]

a civil penalty not to exceed the greater of the amount (not to exceed 
$100,000) involved in the transaction or $25,000.
    (g) For any willful violation committed after October 27, 1986, of 
any requirement of Sec. 103.24, Sec. 103.25, or Sec. 103.32, the 
Secretary may assess upon any person, a civil penalty:
    (1) In the case of a violation of Sec. 103.25 involving a 
transaction, a civil penalty not to exceed the greater of the amount 
(not to exceed $100,000) of the transaction, or $25,000; and
    (2) In the case of a violation of Sec. 103.24 or Sec. 103.32 
involving a failure to report the existence of an account or any 
identifying information required to be provided with respect to such 
account, a civil penalty not to exceed the greater of the amount (not to 
exceed $100,000) equal to the balance in the account at the time of the 
violation, or $25,000.
    (h) For each negligent violation of any requirement of this part, 
committed after October 27, 1986, the Secretary may assess upon any 
financial institution a civil penalty not to exceed $500.

[37 FR 6912, Apr. 5, 1972, as amended at 52 FR 11445, Apr. 8, 1987; 52 
FR 12641, Apr. 17, 1987. Redesignated and amended at 64 FR 45451, 45453, 
Aug. 20, 1999]