U.S. Code
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Title 31
» Subtitle SUBTITLE IV— MONEY › Chapter CHAPTER 53— MONETARY TRANSACTIONS › Subchapter SUBCHAPTER II— RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS
31 U.S.C. § 5314
Records and reports on foreign financial agency transactions
(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:(1) the identity and address of participants in a transaction or relationship.(2) the legal capacity in which a participant is acting.(3) the identity of real parties in interest.(4) a description of the transaction.(b) The Secretary may prescribe—(1) a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section;(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;(3) the magnitude of transactions subject to a requirement or a regulation under this section;(4) the kind of transaction subject to or exempt from a requirement or a regulation under this section; and(5) other matters the Secretary considers necessary to carry out this section or a regulation under this section.(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.(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 997.)Historical and Revision Notes |
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5314(a) | 31:1121(a). | Oct. 26, 1970, Pub. L. 91–508, §§ 241, 242, 84 Stat. 1124. |
5314(b) | 31:1122. | |
5314(c) | 31:1121(b). | |
In subsection (a), before clause (1), the words “currency or other”, “legitimately”, “by regulation”, and “directly or indirectly” are omitted as surplus. The words “for any person” are substituted for “on behalf of himself or another” to eliminate unnecessary words. The words “and to the extent” are substituted for “and in such detail” for clarity. In clauses (1) and (2), the words “participants” and “participant” are substituted for “parties” for consistency. In clause (2), the words “to the transaction or relationship” are omitted as surplus. In clause (3), the words “if one or more of the parties are not acting solely as principals” are omitted as surplus. In clause (4), the words “including the amounts of money, credit, or other property involved” are omitted as surplus.
In subsection (b), the words “or a regulation under this section” are added because of the restatement. The words “or does not apply” and “uniform” in clause (2) are omitted as surplus. In clause (5), the words “carry out” are substituted for “the application of” for consistency.
In subsection (c), the words “produce or otherwise . . . the contents of” and “in compliance with a subpena or summons duly authorized and issued or . . . may otherwise be” are omitted as surplus. The words “under a regulation” are added because of the restatement.
Statutory Notes and Related SubsidiariesCompliance With Reporting RequirementsPub. L. 107–56, title III, § 361(b), Oct. 26, 2001, 115 Stat. 332, provided that: “The Secretary of the Treasury shall study methods for improving compliance with the reporting requirements established in section 5314 of title 31, United States Code, and shall submit a report on such study to the Congress by the end of the 6-month period beginning on the date of enactment of this Act [Oct. 26, 2001] and each 1-year period thereafter. The initial report shall include historical data on compliance with such reporting requirements.”
Notes of Decisions
Cited in
179
cases (
88 in the last 5 years), 1985–2026 · leading case:
United States v. Bradley, 644 F.3d 1213 (11th Cir. 2011).
United States v. Bradley, 644 F.3d 1213 (11th Cir. 2011).
· cites it 11× “, mail fraud, wire fraud, or money laundering, 31 U.S.C. §§ 5314 and 5322(b). The grand jury indicted eight individuals, Bio-Med, and Interland Associates, Inc.”
Bittner v. United States, 598 U.S. 85 (2023).
· cites it 5× “(a) The Court begins with the terms of the most immediately relevant statutory provisions—31 U. S. C. § 5314, which delineates an individual's legal duties under the BSA, and § 5321, which outlines the penalties that follow for failing to discharge those duties.”
Arthur Bedrosian v. United States, 912 F.3d 144 (3rd Cir. 2018).
· cites it 5× “AMBRO, Circuit Judge This appeal presents two issues of first impression in our Court concerning the Internal Revenue Service's assessment of civil penalties for violation of 31 U.S.C. § 5314 and its implementing regulations, which require certain persons annually to file a…”
United States v. Jane Boyd, 991 F.3d 1077 (9th Cir. 2021).
· cites it 10× “The IRS concluded that taxpayer had committed thirteen non-willful violations of the reporting requirements under 31 U.S.C. § 5314—one for each account she failed to timely report for 2010.”
United States v. Kahn, 5 F.4th 167 (2d Cir. 2021).
· cites it 7× “Matsumoto, Judge, in favor of the government 1 against defendants as co-executors of the estate of Harold Kahn ("Kahn"), in the 2 principal penalty amount of $4,264,728, plus statutory additions and interest, for 3 Kahn's undisputedly willful failure, in violation of 31 U.S.C. §…”
United States v. McBride, 908 F. Supp. 2d 1186 (D. Utah 2012).
· cites it 5× “Plaintiff United States of America brought this case to collect a civil penalty assessed to Defendant Jon McBride for his alleged willful failure to report his interest in four foreign bank accounts during tax years 2000 and 2001 as required under 31 U.S.C. § 5314 and related…”
Ratzlaf v. United States, 510 U.S. 135 (1994).
· cites it 2× “Notable in this regard are 31 U. S. C. § 5314 , [8] concerning records and reports on monetary transactions with foreign *142 financial agencies, and § 5316, [9] concerning declaration of the transportation of more than $10,000 into, or out of, the United States.”
United States v. J. Williams, 489 F. App'x 655 (4th Cir. 2012).
· cites it 4× “Bryan Williams for his failure to report his interest in two foreign bank accounts for tax year 2000, in violation of 31 U.S.C. § 5314 . Following a bench trial, the district court entered judgment in favor of Williams.”
Kimble v. United States, 991 F.3d 1238 (Fed. Cir. 2021).
· cites it 3× “Kimble vio- lated 31 U.S.C. § 5314 , the court found undisputed that, until 2008, Ms.”
United States v. Jung Joo Park, 389 F. Supp. 3d 561 (E.D. Ill. 2019).
· cites it 3× “Plausibility of Government's FBAR Claim In order to state a claim to reduce to judgment a civil FBAR penalty imposed under 31 U.S.C. § 5314 , 31 U.S.C. § 5321 , and 31 C.”
Bittner v. United States, 598 U.S. 85 (2023).
· cites it 5× “UNITED STATES Syllabus (a) The Court begins with the terms of the most immediately rele- vant statutory provisions—31 U. S. C. §5314, which delineates an in- dividual’s legal duties under the BSA, and §5321, which outlines the penalties that follow for failing to discharge those…”
United States v. Manafort, 313 F. Supp. 3d 213 (D.C. Cir. 2018).
· cites it 6× “The warrant authorized agents to search the storage unit, including "any locked drawers, locked containers, safes, computers, electronic devices, and storage media," Warrant, Attach.”
— 31 U.S.C. § 5314(a) — 1 case
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