(a) Overall authority for enforcement and
compliance, including coordination and direction of procedures and
activities of all other agencies exercising delegated authority under
this chapter, is delegated to the Director, FinCEN.
(b) Authority
to examine institutions to determine compliance with the requirements
of this chapter is delegated as follows:
(1) To the Comptroller of the Currency
with respect to those financial institutions regularly examined for
safety and soundness by national bank examiners;
(2) To the Board of Governors of the Federal
Reserve System with respect to those financial institutions regularly
examined for safety and soundness by Federal Reserve bank examiners;
(3) To the Federal Deposit Insurance
Corporation with respect to those financial institutions regularly
examined for safety and soundness by FDIC bank examiners;
(4) To the Federal Home Loan Bank Board
with respect to those financial institutions regularly examined for
safety and soundness by FHLBB bank examiners;
(5) To the Chairman of the Board of the
National Credit Union Administration with respect to those financial
institutions regularly examined for safety and soundness by NCUA examiners.
(6) To the Securities and Exchange
Commission with respect to brokers and dealers in securities and investment
companies as that term is defined in the Investment Company Act of
1940 (15 U.S.C. 80-1 et seq.);
(7) To the Commissioner of Customs and Border Protection with respect
to sections 1010.340 and 1010.830;
(8) To the Commissioner of Internal Revenue with respect to all financial
institutions, except brokers or dealers in securities, mutual funds,
futures commission merchants, introducing brokers in commodities,
and commodity trading advisors, not currently examined by Federal
bank supervisory agencies for soundness and safety; and
(9) To the Commodity Futures Trading Commission
with respect to futures commission merchants, introducing brokers
in commodities, and commodity trading advisors.
(10) To the Federal Housing Finance
Agency with respect to the housing government sponsored enterprises,
as defined in section 1010.100(mmm) of this part.
3-1707.1
(c) Authority
for investigating criminal violations of this chapter is delegated
as follows:
(1) To the
Commissioner of Customs and Border Protection with respect to section
1010.340;
(2) To the Commissioner
of Internal Revenue except with respect to section 1010.340.
(d) Authority for the imposition of civil penalties for violations
of this chapter lies with the Director of FinCEN.
3-1707.12
(e)
Periodic reports shall be made to the Director, FinCEN by each agency
to which compliance authority has been delegated under paragraph (b)
of this section. These reports shall be in such a form and submitted
at such intervals as the Director, FinCEN may direct. Evidence of
specific violations of any of the requirements of this chapter may
be submitted to the Director, FinCEN at any time.
3-1707.13
(f)
The Director, FinCEN or his delegate, and any agency to which compliance
has been delegated under paragraph (b) of this section, may examine
any books, papers, records, or other data of domestic financial institutions
relevant to the recordkeeping or reporting requirements of this chapter.
3-1707.14
(g) The authority to enforce the provisions
of 31 U.S.C. 5314 and sections 1010.350 and 1010.420 of this chapter
has been redelegated from FinCEN to the Commissioner of Internal Revenue
by means of a Memorandum of Agreement between FinCEN and IRS. Such
authority includes, with respect to 31 U.S.C. 5314 and 1010.350 and
1010.420 of this chapter, the authority to: assess and collect civil
penalties under 31 U.S.C. 5321 and 31 CFR 1010.820; investigate possible
civil violations of these provisions (in addition to the authority
already provided at paragraph (c)(2)) of this section); employ the
summons power of subpart I of this part 1010; issue administrative
rulings under subpart G of this part 1010; and take any other action
reasonably necessary for the enforcement of these and related provisions,
including pursuit of injunctions.
