Page:United States Statutes at Large Volume 102 Part 5.djvu/350

 102 STAT. 4356

Reports.

PUBLIC LAW 100-690—NOV. 18, 1988

"(A) any transaction in which such financial institution is involved for the payment, receipt, or transfer of United States coins or currency (or such other monetary instruments as the Secretary may describe in such order) the total amounts or denominations of which are equal to or greater than an amount which the Secretary may prescribe; and "(B) any other person participating in such transaction; "(2) to maintain a record of such information for such period of time as the Secretary may require; and "(3) to file a report with respect to any transaction described in paragraph (1)(A) in the manner and to the extent specified in the order. "(b) MAXIMUM EFFECTIVE PERIOD FOR ORDER.—No order issued under subsection (a) shall be effective for more than 60 days unless renewed pursuant to the requirements of subsection (a).", (d) REGULATIONS AND PENALTIES.— (1) INSURED BANKS.—Section 21

of the Federal Deposit Insurance Act (12 U.S.C. 1829b) is amended by adding at the end thereof the following new subsection:

"(J) CIVIL PENALTIES.— "(1) PENALTY IMPOSED.—Any

insured bank and any director, officer, or employee of an insured bank who willfully or through gross negligence violates any regulation prescribed under subsection (b) shall be liable to the United States for a civil penalty of not more than $10,000. "(2) TREATMENT OF CONTINUING VIOLATION.—A separate violation of any regulation prescribed under subsection (b) of this section occurs for each day the violation continues and at each office, branch, or place of business at which such violation occurs. "(3) ASSESSMENT.—Any penalty imposed under paragraph (1) shall be assessed, mitigated, and collected in the manner provided in subsections (b) and (c) of section 5321 of title 31, United States Code.". (2) INSURED INSTITUTIONS.—Section 411 of the National Housing Act (12 U.S.C. 1730d) is amended— (A) by striking out "The Secretary" and inserting in lieu thereof "(a) REGULATIONS.—The Secretary"; and (B) by adding at the end thereof the following new subsection:

"(b) CIVIL PENALTIES.— "(1) PENALTY IMPOSED.—Any

insured institution and any director, officer, or employee of an insured institution who willfully or through gross negligence violates any regulation prescribed under subsection (a) of this section shall be liable to the United States for a civil penalty of not more than $10,000. "(2) TREATMENT OF CONTINUING VIOLATION.—A separate violation of any regulation prescribed under subsection (a) of this section occurs for each day the violation continues and at each office, branch, or place of business at which such violation occurs. "(3) ASSESSMENT.—Any penalty imposed under paragraph (1) shall be assessed, mitigated, and collected in the manner provided in subsections (b) and (c) of section 5321 of title 31, United States Code.". (3) OTHER FINANCIAL INSTITUTIONS.—

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