Page:United States Statutes at Large Volume 108 Part 3.djvu/495

 PUBLIC LAW 103-325—SEPT. 23, 1994 108 STAT. 2247 SEC. 405. NEGOTIABLE INSTRUMENTS DRAWN ON FOREIGN BANKS SUBJECT TO RECORDKEEPING AND REPORTING REQUIRE- MENTS. Section 5312(a)(3) of title 31, United States Code, is amended— (1) by striking "and" at the end of subparagraph (A); (2) by striking the period at the end of subparagraph (B) and inserting "; and"; and (3) by adding at the end the following new subparagraph: Regulations. "(C) as the Secretary of the Treasury shall provide by regulation for purposes of section 5316, checks, drafts, notes, money orders, and other similar instruments which are drawn on or by a foreign financial institution and are not in bearer form.". SEC. 406. IMPOSITION OF CIVIL MONEY PENALTIES BY APPROPRIATE FEDERAL BANKING AGENCIES. Section 5321 of title 31, United States Code, is amended by adding at the end the following new subsection: "(e) DELEGATION OF ASSESSMENT AUTHORITY TO BANKING AGENCIES.— "(1) IN GENERAL. — The Secretary of the Treasury shall delegate, in accordance with section 5318(a)(1) and subject to such terms and conditions as the Secretary may impose in accordance with paragraph (3), any authority of the Secretary to assess a civil money penalty under this section on depository institutions (as defined in section 3 of the Federal Deposit Insurance Act) to the appropriate Federal banking agencies (as defined in such section 3). "(2) AUTHORITY OF AGENCIES.— Subject to any term or condition imposed by the Secretary of the Treasury under paragraph (3), the provisions of this section shall apply to an appropriate Federal banking agency to which is delegated any authority of the Secretary under this section in the same. manner such provisions apply to the Secretary. "(3) TERMS AND CONDITIONS. — "(A) IN GENERAL. — The Secretary of the Treasury shall prescribe by regulation the terms and conditions which shall apply to any delegation under paragraph (1). "(B) MAXIMUM DOLLAR AMOUNT.—The terms and conditions authorized under subparagraph (A) may include, in the Secretary's sole discretion, a limitation on the amount of any civil penalty which may be assessed by an appropriate Federal banking agency pursuant to a delegation under paragraph (1).". SEC. 407. UNIFORM STATE UCENSING AND REGULATION OF CHECK 31 USC 5311 CASHING, CURRENCY EXCHANGE, AND MONEY TRANSMIT- "o^ TING BUSINESSES. (a) UNIFORM LAWS AND ENFORCEMENT. —For purposes of preventing money laundering and protecting the payment system from fraud and abuse, it is the sense of the Congress that the several States should— (1) establish uniform laws for licensing and regulating businesses which— (A) provide check cashing, currency exchange, or money transmitting or remittance services, or issue or redeem

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