§ 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.