PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4057

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.

M(e) DEPOSITORY INSTITUTION DEFINED.—For purposes of this
section, the term 'depository institution' means any financial institu-
tion described in subparagraph (A), (B), (C), (D), (E), or (F) of
section 5312(a)(2).w.

(b) TECHNICAL AND CONFORMING AMENDMENT.—Section 532 l(a)
of title 31, United States Code, is amended by adding at the end
the following new paragraph:

"(7) FINANCIAL INSTITUTION IDENTIFICATION VIOLATIONS.—
"(A) PENALTY AUTHORIZED.—The Secretary may impose
a civil money penalty on any person who willfully violates
any provision of section 5327 or any regulation prescribed
under such section.

"(B) MAXIMUM AMOUNT LIMITATION.—The amount of

any civil money penalty imposed under subparagraph (A)

shall not exceed $10,000 per day for each day during which

a report remains unfiled or a report containing a material

omission or misstatement of fact remains uncorrected.".

"(c) CLERICAL AMENDMENT.—The table of sections for chapter

53 of title 31, United States Code, is amended by inserting after

the item relating to section 5326 the following new item:

"5327. Identification of financial institutions.".

(d) EFFECTIVE DATE OF REGULATIONS.—The initial final regula- si use 5327
tions prescribed pursuant to section 5327 of title 31, United States note-
Code (as added by subsection (a) of this section) shall take effect
before January 1,1994.

SEC. 1512. PROHIBITION OF ILLEGAL MONEY TRANSMITTING
BUSINESSES.

(a) IN GENERAL.—Chapter 95 of title 18, United States Code,
is amended by adding at the end the following section:

"§ 1960. Prohibition of illegal money transmitting businesses

"(a) Whoever conducts, controls, manages, supervises, directs,
or owns all or part of a business, knowing the business is an
illegal money transmitting business, shall be fined in accordance
with this title or imprisoned not more than 5 years, or both,
"(b) As used in this section—

"(1) the term 'illegal money transmitting business' means
a money transmitting business that affects interstate or foreign
commerce in any manner or degree and which is knowingly
operated in a State—

"(A) without the appropriate money transmitting State
license; and

"(B) where such operation is punishable as a mis-
demeanor or a felony under State law;

"(2) the term 'money transmitting* includes but is not lim- .
ited to transferring funds on behalf of the public by any and
all means including but not limited to transfers within this
country or to locations abroad by wire, check, draft, facsimile,
or courier; and