I 

116TH CONGRESS 

1ST SESSION H. R. 1038 

To require the Treasury to take a more prominent role in coordinating 

AML/CFT policy and examinations across the Government, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 7, 2019 

Mr. RIGGLEMAN introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To require the Treasury to take a more prominent role 

in coordinating AML/CFT policy and examinations 

across the Government, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. REQUIRING TREASURY TO TAKE A MORE 

4 PROMINENT ROLE IN COORDINATING AML/ 

5 CFT POLICY AND EXAMINATIONS ACROSS 

6 THE GOVERNMENT. 

7 (a) PRIORITIES.—Not later than nine months after 

8 the date of the enactment of this Act, and at least annu9 ally thereafter, the Secretary of the Treasury, acting 


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1 through the Office of Terrorism and Financial Intelligence 

2 and the Financial Crimes Enforcement Network, in con3 sultation with relevant Federal law enforcement, the Di4 rector of National Intelligence, and any other Federal de5 partments and agencies that the Secretary of the Treasury 

6 determines appropriate, shall establish and make public 

7 its priorities for U.S. anti-money laundering and counter 

8 terrorist financing policy. 

9 (b) SUPERVISION AND EXAMINATION.—The incorpo10 ration by financial institutions of the priorities established 

11 pursuant to subsection (a) into the programs established 

12 by those financial institutions to meet obligations under 

13 the Bank Secrecy Act, the USA PATRIOT Act, and other 

14 anti-money laundering and counter terrorist financing 

15 laws and regulations shall form the basis on which the 

16 financial institutions are supervised and examined for 

17 compliance with those obligations. 

18 (c) RULE OF CONSTRUCTION.—Nothing in sub19 section (a) may be construed as releasing financial institu20 tions from the requirement to comply with obligations 

21 under the Bank Secrecy Act and other Federal laws and 

22 regulations. 

23 (d) REPORT.—Not later than nine months after the 

24 date of enactment of this Act, the Secretary of the Treas25 ury (in consultation with Federal law enforcement agenVerDate Sep 11 2014 00:48 Feb 20, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1038.IH H1038

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1 cies, the Director of National Intelligence, and the Federal 

2 functional regulators) shall submit to the Committee on 

3 Financial Services of the House of Representatives and 

4 the Committee on Banking, Housing, and Urban Affairs 

5 of the Senate a report containing— 

6 (1) an analysis of the Secretary of the Treas7 ury’s delegation of examination authority under the 

8 Bank Secrecy Act, including the adequacy of the De9 partment of the Treasury’s resources, capacity, ex10 pertise, and ability to effectively carry out the pur11 poses of the Bank Secrecy Act; 

12 (2) an examination of whether the Secretary 

13 should de-delegate that authority with regard to cer14 tain financial institutions; and 

15 (3) legislative, administrative, and other rec16 ommendations to strengthen the Department of the 

17 Treasury’s authority to ensure an effective U.S. 

18 anti-money laundering and counter terrorist financ19 ing regime. 

20 SEC. 2. DEFINITIONS. 

21 For purposes of this Act: 

22 (1) BANK SECRECY ACT.—The term ‘‘Bank Se23 crecy Act’’ means— 

24 (A) section 21 of the Federal Deposit In25 surance Act; 


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1 (B) chapter 2 of title I of Public Law 91– 

2 508; and 

3 (C) subchapter II of chapter 53 of title 31, 

4 United States Code. 

5 (2) FINANCIAL INSTITUTION.—The term ‘‘fi6 nancial institution’’ has the meaning given that term 

7 under section 5312 of title 31, United States Code. 

Æ 


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