r/title-31-MONEY-AND-FINANCE wiki — defined terms

“reportable transaction” applies in that section

the term “reportable transaction” means any transaction involving funds (as the Secretary may describe in the regulation or order) the total amounts or denominations of which are equal to or greater than an amount which the Secretary may prescribe. (c) Nondisclosure of Orders .— No financial institution or nonfinancial trade or business or officer, director, employee or agent of a financial institution or nonfinancial trade or business subject to an order under this section may disclose the existence of, or terms of, the order to any person except as prescribed by the Secretary.

“money transmitting business” applies in that section

The term “money transmitting business” means any business other than the United States Postal Service which— (A) provides check cashing, currency exchange, or money transmitting or remittance services, or issues or redeems money orders, travelers’ checks, and other similar instruments or any other person who engages as a business in the transmission of currency, funds, or value that substitutes for currency, including any person who engages as a business in an informal money transfer system or any network of people who engage as a business in facilitating the transfer of money domestically or internationally outside of the conventional financial institutions system; (B) is required to file …

“money transmitting service” applies in that section

The term “money transmitting service” includes accepting currency, funds, or value that substitutes for currency and transmitting the currency, funds, or value that substitutes for currency by any means, including through a financial agency or institution, a Federal reserve bank or other facility of the Board of Governors of the Federal Reserve System, or an electronic funds transfer network. (e) Civil Penalty for Failure To Comply With Registration Requirements.— (1) In general .— Any person who fails to comply with any requirement of this section or any regulation prescribed under this section shall be liable to the United States for a civil penalty of $5,000 for each such violation.

“currency” applies in that section

the term “currency” includes— (A) foreign currency; and (B) to the extent provided in regulations prescribed by the Secretary, any monetary instrument (whether or not in bearer form) with a face amount of not more than $10,000. (2) Scope of application .— Paragraph (1)(B) shall not apply to any check drawn on the account of the writer in a financial institution referred to in subparagraph (A), (B), (C), (D), (E), (F), (G), (J), (K), (R), or (S) of section 5312(a)(2).

“monetary transaction” applies in that section

the term “monetary transaction”— (1) means the deposit, withdrawal, transfer, or exchange, in or affecting interstate or foreign commerce, of funds or a monetary instrument (as defined in section 1956(c)(5) of title 18 ) by, through, or to a financial institution (as defined in section 1956(c)(6) of title 18 ); (2) includes any transaction that would be a financial transaction under section 1956(c)(4)(B) of title 18 ; and (3) does not include any transaction necessary to preserve the right to representation of a person as guaranteed by the Sixth Amendment to the Constitution of the United States.

“acceptable identification document” applies in that section

The term “acceptable identification document” means, with respect to an individual— (A) a nonexpired passport issued by the United States; (B) a nonexpired identification document issued by a State, local government, or Indian Tribe to the individual acting for the purpose of identification of that individual; (C) a nonexpired driver’s license issued by a State; or (D) if the individual does not have a document described in subparagraph (A), (B), or (C), a nonexpired passport issued by a foreign government. (2) Applicant .—

“applicant” applies in that section

The term “applicant” means any individual who— (A) files an application to form a corporation, limited liability company, or other similar entity under the laws of a State or Indian Tribe; or (B) registers or files an application to register a corporation, limited liability company, or other similar entity formed under the laws of a foreign country to do business in the United States by filing a document with the secretary of state or similar office under the laws of a State or Indian Tribe. (3) Beneficial owner .—

“beneficial owner” applies in that section

The term “beneficial owner”— (A) means, with respect to an entity, an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise— (i) exercises substantial control over the entity; or (ii) owns or controls not less than 25 percent of the ownership interests of the entity; and (B) does not include— (i) a minor child, as defined in the State in which the entity is formed, if the information of the parent or guardian of the minor child is reported in accordance with this section; (ii) an individual acting as a nominee, intermediary, custodian, or agent on behalf of another individual; (iii) an individual acting solely as an employee of …

“Director” applies in that section

The term “Director” means the Director of FinCEN. (5) FinCEN .—

“FinCEN” applies in that section

The term “FinCEN” means the Financial Crimes Enforcement Network of the Department of the Treasury. (6) FinCEN identifier .—

“FinCEN identifier” applies in that section

The term “FinCEN identifier” means the unique identifying number assigned by FinCEN to a person under this section. (7) Foreign person .—

“foreign person” applies in that section

The term “foreign person” means a person who is not a United States person, as defined in section 7701(a) of the Internal Revenue Code of 1986. (8) Indian tribe .—

“Indian Tribe” applies in that section

The term “Indian Tribe” has the meaning given the term “Indian tribe” in section 102 of the Federally Recognized Indian Tribe List Act of 1994 ( 25 U.S.C. 5130 ). (9) Lawfully admitted for permanent residence .—

“lawfully admitted for permanent residence” applies in that section

The term “lawfully admitted for permanent residence” has the meaning given the term in section 101(a) of the Immigration and Nationality Act ( 8 U.S.C. 1101(a) ). (10) Pooled investment vehicle .—

“pooled investment vehicle” applies in that section

The term “pooled investment vehicle” means— (A) any investment company, as defined in section 3(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(a) ); or (B) any company that— (i) would be an investment company under that section but for the exclusion provided from that definition by paragraph (1) or (7) of section 3(c) of that Act ( 15 U.S.C. 80a–3(c) ); and (ii) is identified by its legal name by the applicable investment adviser in its Form ADV (or successor form) filed with the Securities and Exchange Commission. (11) Reporting company .—

“reporting company” applies in that section

The term “reporting company”— (A) means a corporation, limited liability company, or other similar entity that is— (i) created by the filing of a document with a secretary of state or a similar office under the law of a State or Indian Tribe; or (ii) formed under the law of a foreign country and registered to do business in the United States by the filing of a document with a secretary of state or a similar office under the laws of a State or Indian Tribe; and (B) does not include— (i) an issuer— (I) of a class of securities registered under section 12 of the Securities Exchange Act of 1934 ( 15 U.S.C.

“State” applies in that section

The term “State” means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, American Samoa, Guam, the United States Virgin Islands, and any other commonwealth, territory, or possession of the United States. (13) Unique identifying number .—

“unique identifying number” applies in that section

The term “unique identifying number” means, with respect to an individual or an entity with a sole member, the unique identifying number from an acceptable identification document. (14) United states person .—

“United States person” applies in that section

The term “United States person” has the meaning given the term in section 7701(a) of the Internal Revenue Code of 1986. (b) Beneficial Ownership Information Reporting.— (1) Reporting .— (A) In general .— In accordance with regulations prescribed by the Secretary of the Treasury, each reporting company shall submit to FinCEN a report that contains the information described in paragraph (2).

“willfully” applies in that section

the term “willfully” means the voluntary, intentional violation of a known legal duty. (i) Continuous Review of Exempt Entities.— (1) In general .— On and after the effective date of the regulations promulgated under subsection (b)(4), if the Secretary of the Treasury makes a determination, which may be based on information contained in the report required under section 6502(c) of the Anti-Money Laundering Act of 2020 or on any other information available to the Secretary, that an entity or class of entities described in subsection (a)(11)(B) has been involved in significant abuse relating to money laundering, the financing of terrorism, proliferation finance, serious tax fraud, or any …

“Attorney General” applies throughout its subchapter

The term “Attorney General” means the Attorney General of the United States.

“Department of the Treasury law enforcement organizations” applies throughout its subchapter

The term “Department of the Treasury law enforcement organizations” has the meaning given to such term in section 9705(n). (2) Money laundering and related financial crime .—

“money laundering and related financial crime” applies throughout its subchapter

The term “money laundering and related financial crime”— (A) means the movement of illicit cash or cash equivalent proceeds into, out of, or through the United States, or into, out of, or through United States financial institutions, as defined in section 5312 of title 31 , United States Code; or (B) has the meaning given that term (or the term used for an equivalent offense) under State and local criminal statutes pertaining to the movement of illicit cash or cash equivalent proceeds. (3) Secretary .—

“Secretary” applies throughout its subchapter

The term “Secretary” means the Secretary of the Treasury. (4) Attorney general .—

“bet or wager” applies throughout its subchapter

The term “bet or wager”— (A) means the staking or risking by any person of something of value upon the outcome of a contest of others, a sporting event, or a game subject to chance, upon an agreement or understanding that the person or another person will receive something of value in the event of a certain outcome; (B) includes the purchase of a chance or opportunity to win a lottery or other prize (which opportunity to win is predominantly subject to chance); (C) includes any scheme of a type described in section 3702 of title 28 ; (D) includes any instructions or information pertaining to the establishment or movement of funds by the bettor or customer in, to, or from an account with the …

“card issuer” applies throughout its subchapter

The terms “credit”, “creditor”, “credit card”, and “card issuer” have the meanings given the terms in section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ). (B) Electronic fund transfer .—

“credit” applies throughout its subchapter

The terms “credit”, “creditor”, “credit card”, and “card issuer” have the meanings given the terms in section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ). (B) Electronic fund transfer .—

“credit card” applies throughout its subchapter

The terms “credit”, “creditor”, “credit card”, and “card issuer” have the meanings given the terms in section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ). (B) Electronic fund transfer .—

“creditor” applies throughout its subchapter

The terms “credit”, “creditor”, “credit card”, and “card issuer” have the meanings given the terms in section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 ). (B) Electronic fund transfer .—

“designated payment system” applies throughout its subchapter

The term “designated payment system” means any system utilized by a financial transaction provider that the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, jointly determine, by regulation or order, could be utilized in connection with, or to facilitate, any restricted transaction. (4) Financial transaction provider .—

“electronic fund transfer” applies throughout its subchapter

The term “electronic fund transfer”— (i) has the meaning given the term in section 903 of the Electronic Fund Transfer Act ( 15 U.S.C. 1693a ), except that the term includes transfers that would otherwise be excluded under section 903(6)(E) of that Act; and (ii) includes any fund transfer covered by Article 4A of the Uniform Commercial Code, as in effect in any State. (C) Financial institution .—

“financial institution” applies throughout its subchapter

The term “financial institution” has the meaning given the term in section 903 of the Electronic Fund Transfer Act, except that such term does not include a casino, sports book, or other business at or through which bets or wagers may be placed or received. (D) Insured depository institution .—

“financial transaction provider” applies throughout its subchapter

The term “financial transaction provider” means a creditor, credit card issuer, financial institution, operator of a terminal at which an electronic fund transfer may be initiated, money transmitting business, or international, national, regional, or local payment network utilized to effect a credit transaction, electronic fund transfer, stored value product transaction, or money transmitting service, or a participant in such network, or other participant in a designated payment system. (5) Internet .—

“insured depository institution” applies throughout its subchapter

The term “insured depository institution”— (i) has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ); and (ii) includes an insured credit union (as defined in section 101 of the Federal Credit Union Act). (E) Money transmitting business and money transmitting service .—

“interactive computer service” applies throughout its subchapter

The term “interactive computer service” has the meaning given the term in section 230(f) of the Communications Act of 1934 ( 47 U.S.C. 230(f) ). (7) Restricted transaction .—

“Internet” applies throughout its subchapter

The term “Internet” means the international computer network of interoperable packet switched data networks. (6) Interactive computer service .—

“money transmitting business” applies throughout its subchapter

The terms “money transmitting business” and “money transmitting service” have the meanings given the terms in section 5330(d) (determined without regard to any regulations prescribed by the Secretary thereunder).

“money transmitting service” applies throughout its subchapter

The terms “money transmitting business” and “money transmitting service” have the meanings given the terms in section 5330(d) (determined without regard to any regulations prescribed by the Secretary thereunder).

“restricted transaction” applies throughout its subchapter

The term “restricted transaction” means any transaction or transmittal involving any credit, funds, instrument, or proceeds described in any paragraph of section 5363 which the recipient is prohibited from accepting under section 5363. (8) Secretary .—

“Secretary” applies throughout its subchapter

The term “Secretary” means the Secretary of the Treasury. (9) State .—

“State” applies throughout its subchapter

The term “State” means any State of the United States, the District of Columbia, or any commonwealth, territory, or other possession of the United States. (10) Unlawful internet gambling.— (A) In general .—

“unlawful Internet gambling” applies throughout its subchapter

The term “unlawful Internet gambling” means to place, receive, or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received, or otherwise made.

“agency” applies throughout its chapter

The term “agency” has the meaning given the term in section 552(f) of title 5 . (2) Core data elements .—

“core data elements” applies throughout its chapter

The term “core data elements” means data elements relating to financial management, administration, or management that— (A) are not program-specific in nature or program-specific outcome measures, as defined in section 1115(h) of this title ; and (B) are required by agencies for all or the vast majority of recipients of Federal awards for purposes of reporting. (3) Director .—

“Director” applies throughout its chapter

The term “Director” means the Director of the Office of Management and Budget. (4) Executive department .—

“Executive department” applies throughout its chapter

The term “Executive department” has the meaning given the term in section 101 of title 5 . (5) Federal award .—

“Federal award” applies throughout its chapter

The term “Federal award”— (A) means the transfer of anything of value for a public purpose of support or stimulation authorized by a law of the United States, including financial assistance and Government facilities, services, and property; (B) includes a grant, a subgrant, a cooperative agreement, or any other transaction; and (C) does not include a transaction or agreement— (i) that provides for conventional public information services or procurement of property or services for the direct benefit or use of the Government; or (ii) that provides only— (I) direct Government cash assistance to an individual; (II) a subsidy; (III) a loan; (IV) a loan guarantee; or (V) insurance.

“Secretary” applies throughout its chapter

The term “Secretary” means the head of the standard-setting agency. (7) Standard-setting agency .—

“standard-setting agency” applies throughout its chapter

The term “standard-setting agency” means the Executive department designated under section 6402(a)(1). (8) State .—

“State” applies throughout its chapter

The term “State” means each State of the United States, the District of Columbia, each commonwealth, territory, or possession of the United States, and each federally recognized Indian Tribe.

“qualified HUBZone small business concern” applies in that section

the term “qualified HUBZone small business concern” has the meaning given that term in section 3(p) 1 of the Small Business Act ( 15 U.S.C. 632 ( o ) 2 ). (g) Nonsupplanting Requirement.— (1) In general .— Funds made available under this chapter to units of local government shall not be used to supplant State or local funds, but will be used to increase the amount of funds that would, in the absence of funds under this chapter, be made available from State or local sources.

“small business concern” applies in that section

the term “small business concern” has the meaning such term has under section 3 of the Small Business Act;

“socially and economically disadvantaged individuals” applies in that section

the term “socially and economically disadvantaged individuals” has the meaning such term has under section 8(d) of the Small Business Act and relevant subcontracting regulations promulgated pursuant to that section; and;

“territorial government” applies in that section

the term “territorial government” means the government of a territory;

“territorial population” applies in that section

the term “territorial population” means the most recent population for each territory as determined by the Bureau of 1 Census.

“territory” applies in that section

the term “territory” means Puerto Rico, Guam, American Samoa, and the Virgin Islands; and;

“urbanized population” applies in that section

the term “urbanized population” means the population of an area consisting of a central city or cities of at least 50,000 inhabitants and the surrounding closely settled area for the city or cities considered as an urbanized area as published by the Bureau of the Census for 1990 in the publication General Population Characteristics for Urbanized Areas.

“units of general local government of the same type” applies in that section

the term “units of general local government of the same type” means all townships if the unit of general local government is a township, all municipalities if the unit of general local government is a municipality, all counties if the unit of general local government is a county, or all unified city/county governments if the unit of general local government is a unified city/county government.

“governmental services” applies throughout its chapter

the term “governmental services” includes, but is not limited to, those services that relate to public safety, the environment, housing, social services, transportation, and governmental administration.

“Department of the Treasury law enforcement organization” applies in that section

The term “Department of the Treasury law enforcement organization” means the United States Coast Guard, the United States Customs Service, the United States Secret Service, the Tax and Trade Bureau, the Internal Revenue Service, the Federal Law Enforcement Training Center, the Financial Crimes Enforcement Network, and any other law enforcement component of the Department of the Treasury so designated by the Secretary. (2) Secretary .—

“Secretary” applies in that section

The term “Secretary” means the Secretary of the Treasury.