; and (B) impose a civil money penalty of not more than $5,000 on a licensed dealer who fails to comply with paragraph (1). . (2) Transition rule The amendment made by paragraph (1) of this subsection shall not apply to a person who, on the date of enactment of this Act, is a licensed dealer (as defined in section 921(a)(11) of title 18, United States Code), until the end of the 1-year period that begins with the date person complies with subsection (b)(2) of this section. (d) Effective date The amendments made by this section shall take effect 1 year after the date of enactment of this Act. 702. Inspections (a) Elimination of limit on annual inspections of licensees Section 923(g)(1)(B)(ii) of title 18, United States Code, is amended— (1) by striking the em dash and all that follows through (II) ; and (2) by striking licensee. and inserting licensee . (b) Mandated annual inspections of high risk licensed dealers, triennial inspections of other licensed dealers Section 923(g)(1) of title 18, United States Code, is amended by adding at the end the following: (E) (i) The Attorney General shall, without such reasonable cause or warrant— (I) annually inspect or examine the inventory, records, and business premises of each licensed dealer whom the Attorney General determines is a high-risk dealer (based on the considerations used to do so as of the date of the enactment of this sentence)