((a)) Considering the need to avoid impeding or controlling the export or import of monetary instruments and the need to avoid burdening unreasonably a person making a transaction with a foreign financial agency, the Secretary of the Treasury shall require a resident or citizen of the United States or a person in, and doing business in, the United States, to keep records, file reports, or keep records and file reports, when the resident, citizen, or person makes a transaction or maintains a relation for any person with a foreign financial agency. The records and reports shall contain the following information in the way and to the extent the Secretary prescribes:

((1)) the identity and address of participants in a transaction or relationship.

((2)) the legal capacity in which a participant is acting.

((3)) the identity of real parties in interest.

((4)) a description of the transaction.

((b)) The Secretary may prescribe—

((1)) a reasonable classification of persons subject to or exempt from a requirement under this section or a regulation under this section;

((2)) a foreign country to which a requirement or a regulation under this section applies if the Secretary decides applying the requirement or regulation to all foreign countries is unnecessary or undesirable;

((3)) the magnitude of transactions subject to a requirement or a regulation under this section;

((4)) the kind of transaction subject to or exempt from a requirement or a regulation under this section; and

((5)) other matters the Secretary considers necessary to carry out this section or a regulation under this section.

((c)) A person shall be required to disclose a record required to be kept under this section or under a regulation under this section only as required by law.