Duties of financial and remittance institutions

(a) Mandatory reporting Any financial institution, money service business, remittance provider, or cryptocurrency exchange operating in the United States shall report all repatriation transactions made by covered individuals to the Department of the Treasury. (b) Real-Time verification Institutions described in subsection (a) shall query the Treasury Repatriation Verification Database to determine whether a proposed transfer would cause a covered individual to exceed the repatriation limit before processing the transaction. (c) Transaction denial If the Treasury Repatriation Verification Database indicates that the repatriation limit has been or would be exceeded, the institution must deny the transaction and report the attempted transfer. (d) Compliance requirements The Secretary of the Treasury shall issue regulations specifying the format, frequency, and method of reporting and verification.