IDENTIFICATION OF FINANCIAL INSTITUTIONS.

SEC. 1511. IDENTIFICATION OF FINANCIAL INSTITUTIONS. (a) In General.—Subchapter II of chapter 53 of title 31, United States Code, is amended by inserting after section 5326 the following new section: “§ 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 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. “(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).”. (b) Technical and Conforming Amendment.—Section 5321(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 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.