Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 22 - Reports of Transactions Involving Currency

• Section 5-22-1 Purpose
  It is the purpose of this chapter to require submission to the State Revenue Department of certain reports and records of transactions involving United States...
• Section 5-22-2 Definitions
  For the purpose of this chapter, the following terms shall have the meanings ascribed by this section: (1) CURRENCY. Currency and coin of the United...
• Section 5-22-3 Record of currency transactions; report on written request; when no longer required; compliance with federal law sufficient; multiple transactions; disclosures
  (a) Every financial institution shall keep a record of each of its currency transactions as required by 31 U.S.C. §5313 and regulations pursuant thereto, as...
• Section 5-22-4 Effect of federal exemptions
  All exemptions from recordkeeping and reporting requirements under the federal monetary transaction records and reports requirement shall be available to financial institutions under this chapter....
• Section 5-22-5 When reports may be disclosed
  Other than as provided for in Section 5-22-3, the State Revenue Department shall not provide to any person any report filed under Section 5-22-3 or...
• Section 5-22-6 Criminal penalties
  (a) Except as provided in subsection (b) of this section, a person who willfully violates any provision of Section 5-22-3 shall in addition to other...
• Section 5-22-7 Immunity from liability
  Except as provided in Section 5-22-6, no financial institution, or director, officer, employee or agent thereof, shall be civilly or criminally liable to any person...
• Section 5-22-8 Recoupment of costs not authorized
  No part of the cost or expense incurred by the State Revenue Department in recording, maintaining, disposing of or otherwise dealing with the information received...

Last modified: May 3, 2021