{"identifier":"/us/usc/t31/s5314","title":31,"num":"\u00a7\u202f5314.","heading":"Records and reports on foreign financial agency transactions","text":"\u00a7\u202f5314.\nRecords and reports on foreign financial agency transactions\n(a) Considering the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a foreign financial agency, the Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency. The records and reports shall contain the following information in the way and to the extent the Secretary prescribes:\n(1) the identity and address of participants in a transaction or relationship.\n(2) the legal capacity in which a participant is acting.\n(3) the identity of real parties in interest.\n(4) a description of the transaction.\n(b) The Secretary may prescribe\u2014\n(1) a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section;\n(2) a foreign country to which a requirement or a regulation under this section applies if the Secretary decides applying the requirement or regulation to all foreign countries is unnecessary or undesirable;\n(3) the magnitude of transactions subject to a requirement or a regulation under this section;\n(4) the kind of transaction subject to or exempt from a requirement or a regulation under this section; and\n(5) other matters the Secretary considers necessary to carry out this section or a regulation under this section.\n(c) A person shall be required to disclose a record required to be kept under this section or under a regulation under this section only as required by law.","url":"https://projectusc.org/usc/t31/s5314.html","content":[{"t":"sec","id":"/us/usc/t31/s5314","children":[{"t":"num","text":"\u00a7\u202f5314."},{"t":"heading","text":"Records and reports on foreign financial agency transactions"},{"t":"subsec","id":"/us/usc/t31/s5314/a","children":[{"t":"num","text":"(a)"},{"t":"chapeau","text":" Considering the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a foreign financial agency, the Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency. The records and reports shall contain the following information in the way and to the extent the Secretary prescribes:"},{"t":"para","id":"/us/usc/t31/s5314/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" the identity and address of participants in a transaction or relationship.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" the legal capacity in which a participant is acting.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/a/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the identity of real parties in interest.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/a/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" a description of the transaction.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t31/s5314/b","children":[{"t":"num","text":"(b)"},{"t":"chapeau","text":" The Secretary may prescribe\u2014"},{"t":"para","id":"/us/usc/t31/s5314/b/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/b/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" a foreign country to which a requirement or a regulation under this section applies if the Secretary decides applying the requirement or regulation to all foreign countries is unnecessary or undesirable;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/b/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" the magnitude of transactions subject to a requirement or a regulation under this section;","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/b/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" the kind of transaction subject to or exempt from a requirement or a regulation under this section; and","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t31/s5314/b/5","children":[{"t":"num","text":"(5)"},{"t":"content","text":" other matters the Secretary considers necessary to carry out this section or a regulation under this section.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t31/s5314/c","children":[{"t":"num","text":"(c)"},{"t":"content","text":" A person shall be required to disclose a record required to be kept under this section or under a regulation under this section only as required by law.","tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}