§5327. Identification of financial institutions

(a) Regulations Required.-The Secretary of the Treasury shall prescribe regulations requiring each depository institution to identify any customer (of the depository institution) which-

(1) is a financial institution described in-

(A) any subparagraph of section 5312(a)(2) other than subparagraphs (A) through (G); or

(B) any regulation under any such subparagraph; and

(2) has any account with the depository institution.

(b) Reports Required.-Each depository institution shall report the names of and other information about financial institution customers required to be identified under subsection (a) to the Secretary at such times and in such manner as the Secretary shall prescribe by regulation.

(c) Reporting Offenses.-No person shall cause or attempt to cause any depository institution to fail to file a report required by this section or to file a report containing a material omission or misstatement of fact.

(d) Availability of Reports.-The Secretary shall provide reports filed under subsection (b) to appropriate State financial institution supervisory agencies for supervisory purposes.

(e) Depository Institution Defined.-For purposes of this section, the term "depository institution" means any financial institution described in subparagraph (A), (B), (C), (D), (E), or (F) of section 5312(a)(2).

(Added Pub. L. 102–550, title XV, §1511(a), Oct. 28, 1992, 106 Stat. 4056 .)

Regulations

Section 1511(d) of Pub. L. 102–550 provided that: "The initial final regulations prescribed pursuant to section 5327 of title 31, United States Code (as added by subsection (a) of this section) shall take effect before January 1, 1994."

Section Referred to in Other Sections

This section is referred to in section 5321 of this title.