§5335 Prohibition on Concealment of the Source of Assets in Monetary Transactions

Summary

You must not knowingly hide, fake, or lie to a bank about who owns or controls money or about where the money came from in certain big transactions. A "monetary transaction" means putting in, taking out, moving, or exchanging money or money instruments through a bank that crosses state lines or involves foreign commerce. The rule about owners applies when the owner is a senior foreign political figure (or their immediate family or close associate) as defined elsewhere and the total assets in one or more transactions are $1,000,000 or more. The rule about the source of funds applies when the transaction involves an entity named a primary money‑laundering concern under section 5318A and the transaction breaks the limits or conditions set under that section. If someone is convicted of these offenses or of conspiring to do them, they can be jailed for up to 10 years, fined up to $1,000,000, or both. The court must order that property used in or gained from the crime be forfeited to the United States. Criminal and civil forfeiture procedures apply, and some administrative duties may be carried out by officials designated by the Secretary of Homeland Security or the Attorney General.