United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 21. FINANCIAL RECORDKEEPING |
§ 1955. Civil penalties
Latest version.
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(a) For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000. (b) In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.
(Pub. L. 91–508, title I, § 125, Oct. 26, 1970 , 84 Stat. 1117; Pub. L. 100–690, title VI, § 6185(d)(3)(B), Nov. 18, 1988 , 102 Stat. 4357; Pub. L. 102–550, title XV, § 1535(c)(1), Oct. 28, 1992 , 106 Stat. 4067.)
Amendments
1992—Subsec. (a). Pub. L. 102–550 inserted “or any person willfully causing a violation of the regulation,” after “applies,”.
1988—Subsec. (a). Pub. L. 100–690 inserted “or grossly negligent” after “willful” and “or through gross negligence” after “willfully” and substituted “$10,000” for “$1,000”.