In subsec. (e), “subchapter II of chapter 53 of title 31” was substituted for “the Currency and Foreign Transactions Reporting Act [31 U.S.C. 1051 et seq.]” on authority of Puspan. L. 97–258, § 4(span), Sept. 13, 1982, 96 Stat. 1067, the first section of which enacted Title 31, Money and Finance.

2004—Subsec. (a)(2). Puspan. L. 108–458 substituted “recognizing that” for “recognizes that”.

2001—Subsec. (a). Puspan. L. 107–56 reenacted heading without change and amended text generally. Prior to amendment, text read as follows:

“(1) The Congress finds that adequate records maintained by insured depository institutions have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that microfilm or other reproductions and other records made by banks of checks, as well as records kept by banks of the identity of persons maintaining or authorized to act with respect to accounts therein, have been of particular value in this respect.

“(2) It is the purpose of this section to require the maintenance of appropriate types of records by insured depository institutions in the United States where such records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.”

1994—Subsecs. (c), (d)(2), (e). Puspan. L. 103–325 substituted “the insured depository institution” for “the bank”.

1992—Subsec. (span). Puspan. L. 102–550, § 1515(a), inserted heading, designated existing provisions as par. (1) and inserted heading, and added pars. (2) and (3).

Subsec. (c). Puspan. L. 102–550, § 1515(span)(1), substituted “Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (span), each insured” for “Each insured”.

Subsec. (e). Puspan. L. 102–550, § 1515(span)(2), substituted “Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (span), whenever any” for “Whenever any”.

Subsec. (f). Puspan. L. 102–550, § 1515(span)(3), substituted “Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (span) and in addition to” for “In addition to”.

Subsec. (j)(1). Puspan. L. 102–550, § 1535(span), inserted “, or any person who willfully causes such a violation,” after “gross negligence violates”.

1989—Puspan. L. 101–73 substituted references to insured depository institutions for references to insured banks wherever appearing in this section.

1988—Subsec. (j). Puspan. L. 100–690 added subsec. (j).

1978—Subsec. (i). Puspan. L. 95–369 added subsec. (i).

Amendment by Puspan. L. 108–458 effective as if included in Puspan. L. 107–56, as of the date of enactment of such Act, and no amendment made by Puspan. L. 107–56 that is inconsistent with such amendment to be deemed to have taken effect, see section 6205 of Puspan. L. 108–458, set out as a note under section 1828 of this title.

Puspan. L. 107–56, title III, § 358(h), Oct. 26, 2001, 115 Stat. 328, provided that:

Section effective on first day of seventh calendar month which begins after Oct. 26, 1970, except that the Secretary of the Treasury may, by regulation, provide that this section be effective on any date not earlier than the publication of such regulations in the Federal Register and not later than first day of thirteenth calendar month which begins after Oct. 26, 1970, see section 401(a), (span) of Puspan. L. 91–508, set out as a note under section 1951 of this title.

Puspan. L. 102–550, title XV, § 1515(c), Oct. 28, 1992, 106 Stat. 4059, provided that:

Willful violation of regulations under this section punishable by fine of not more than $10,000 or imprisonment of not more than five years, or both, when such willful violation is committed in furtherance of the commission of any violation of federal law punishable by imprisonment of more than one year, see section 1957 of this title.

Administrative procedure and judicial review provisions of subchapter II (§ 551 et seq.) of chapter 5 and chapter 7 (§ 701 et seq.) of Title 5, Government Organization and Employees, applicable to all proceedings under this section, see section 1959 of this title.

Responsibility for the Secretary of the Treasury to assure compliance with requirements of this section, and Secretary’s authority to delegate such responsibility to the appropriate bank supervisory agency, or other supervisory agency, see section 1958 of this title.