That's mostly right, but it's not reported to anyone. It came from the "The Combat Methamphetamine Epidemic Act of 2005".
If you want to sell pseudoephedrine, your org has to "self certify", keep a logbook purchasers have to sign, require ID, enforce the purchase limits, train employees, etc. But, the logbook doesn't go anywhere unless some investigation or audit prompts that. So, if you're a really determined cooker, you can still go to a bunch of different stores...though you're leaving a paper trail. And some big brands might cross-check and have an org-wide electronic log book.