# Financial Institutions (GFI)

## Title 12. Miscellaneous Institutions and Activities

### Subtitle 8. Currency Transactions

#### Section 12-801

It is the purpose of this subtitle to require certain reports and records of transactions involving currency where the reports and records have a high degree of usefulness in criminal investigations or proceedings which pertain to the subject of the report.

#### Section 12-802

(a) In this subtitle the following words have the meanings indicated.

(b) "Currency" means currency and coin of the United States or any other country.

(c) "Department" means the Maryland Department of Labor.

(d)

  (1) "Financial institution" means:

    (i) A national banking association;

    (ii) A State banking institution;

    (iii) A credit union that is organized under the laws of this State or of the United States;

    (iv) Any other organization that is organized under the banking laws of the State and subject to the supervision of the Commissioner;

    (v) A savings and loan association that is organized under the laws of the State or of the United States; or

    (vi) Persons engaged in the business of cashing checks for a fee unless performed incidental to the sale of goods or services.

  (2) "Financial institution" does not include any person licensed by the Commissioner under Title 11 of this article.

(e) "Person" means an individual, partnership, firm, trust, estate, association, corporation, or other entity.

(f) "Secretary" means the Secretary of Labor.

(g) "Transaction" includes the deposit, withdrawal, transfer, bailment, loan, pledge payment, or exchange of currency by, through, or to the financial institution.

#### Section 12-803

(a) 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) 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. Sec. 5313; or

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

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

#### Section 12-804

(a) The Department of Public Safety and Correctional Services and the Office of the Attorney General shall have access to and shall be authorized to inspect and copy any reports filed with the Department under this article.

(b) The Department may make the contents of a report available to other criminal justice agencies only for purposes of investigation or prosecution of the subject of the report.

#### Section 12-805

(a) The Secretary may assess a civil penalty against any financial institution and any officer, employee, agent, or director of the institution for each knowing and willful violation of this subtitle.

(b)

  (1) The civil penalty may not exceed $50 for each day the violation continues.

  (2) For purposes of this section, a separate violation occurs at each office, branch, or place of business where a violation occurs or continues.

  (3) The total civil penalty may not exceed $1,000.

(c) In the event of the failure of any person to pay any penalty assessed under this section, a civil action for recovery of the penalty may be brought by the State against the person.

#### Section 12-806

If the information required by Sec. 12-803(a) of this subtitle has been available to the Department from a federal agency, a financial institution may not be subject to the civil penalties provided for in this subtitle unless the financial institution has been notified by the Department that:

(1) The information is no longer available; and

(2) The financial institution is now required to provide the information to the Department.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)