Section 12-803 - Reports of transactions in excess of $10,000. - Maryland Statutes

§ 12-803. Reports of transactions in excess of $10,000.
 

(a)  Required.- A financial institution shall keep a record of currency transactions in excess of $10,000 and shall file with the Department within 15 days of the date of the transaction pursuant to regulations adopted by the Secretary a complete report of currency transactions in excess of $10,000. 

(b)  Compliance.- The reporting requirements of this section are complied with if: 

(1) A financial institution files with the Department a duplicate copy of the report required by 31 U.S.C. § 5313; or 

(2) The information in the report required by 31 U.S.C. § 5313 is available to the Department from a federal agency. 

(c)  Regulations.- The Secretary shall adopt regulations to carry out the purposes of this subtitle and to provide for the exemption of transactions which are clearly of a legitimate nature and for which mandatory reporting would serve no useful purpose. 

(d)  Exemptions.- A transaction that is exempt from reporting by a financial institution under federal law is also exempt from the reporting requirements of this subtitle. 
 

[1990, ch. 411.]