[Code of Federal Regulations]

[Title 31, Volume 1]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR103.57]



[Page 418-419]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

                       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



[[Page 419]]



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, 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]