Page:United States Statutes at Large Volume 102 Part 5.djvu/349

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PUBLIC LAW 100-000—MMMM. DD, 1988

PUBLIC LAW 100-690—NOV. 18, 1988

102 STAT. 4355

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.". (b) IDENTIFICATION REQUIRED TO PURCHASE CERTAIN MONETARY INSTRUMENTS OF $3,000 OR MORE.—Subchapter II of chapter 53 of

title 31, United States Code, is amended by adding at the end thereof the following new section: "§ 5325. Identification required to purchase certain monetary instruments "(a) IN GENERAL.—No financial institution may issue or sell a bank check, cashier's check, traveler's check, or money order to any individual in connection with a transaction or group of such contemporaneous transactions which involves United States coins or currency (or such other monetary instruments as the Secretary may prescribe) in amounts or denominations of $3,000 or more unless— "(1) the individual has a transaction account with such financial institution and the financial institution— "(A) verifies that fact through a signature card or other information maintained by such institution in connection with the account of such individual; and "(B) records the method of verification in accordance with Regulations. regulations which the Secretary of the Treasury shall prescribe; or "(2) the individual furnishes the financial institution with Regulations. such forms of identification as the Secretary of the Treasury may require in regulations which the Secretary shall prescribe and the financial institution verifies and records such information in accordance with r^ulations which such Secretary shall prescribe. "(b) REPORT TO SECRETARY UPON REQUEST.—Any information required to be recorded by any financial institution under paragraph (1) or (2) of subsection (a) shall be reported by such institution to the Secretary of the Treasury a t the request of such Secretary. "(c) TRANSACTION ACCOUNT DEFINED.—For purposes of this section, the term 'transaction account' has the meaning given to such term in section 19(b)(l)(C) of the Federal Reserve Act.'. (c) SECRETARY AUTHORIZED TO REQUIRE RECORDKEEPING FOR DOMESTIC COIN AND CURRENCY TRANSACTIONS.—Subchapter II of

chapter 53 of title 31, United States Code, is amended by inserting after section 5325 (as added by subsection (b) of this section) the following new section: "§5326. Records of certain domestic coin and currency transactions "(a) IN GENERAL.—If the Secretary of the Treasury finds, upon the Secretary's own initiative or at the request of an appropriate Federal or State law enforcement official, that reasonable grounds exist for concluding that additional recordkeeping and reporting requirements a r e necessary to carry out the purposes of this subtitle and prevent evasions thereof, the Secretary may issue an order requiring any domestic financial institution or group of domestic financial institutions in a geographic area— "(1) to obtain such information as the Secretary may describe in such order concerning—