I 
115TH CONGRESS 
2D SESSION 
H. R. 6858 
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 
SEPTEMBER 20, 2018 
Mr. PEARCE 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. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. REQUIRING TREASURY TO TAKE A MORE 
PROMINENT ROLE IN COORDINATING AML/ 
CFT POLICY AND EXAMINATIONS ACROSS 
THE GOVERNMENT. 
(a) PRIORITIES.—Not later than nine months after 
the date of the enactment of this Act, and at least annu-
ally thereafter, the Secretary of the Treasury, acting 
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through the Office of Terrorism and Financial Intelligence 
and the Financial Crimes Enforcement Network, in con-
sultation with relevant Federal law enforcement, the Di-
rector of National Intelligence, and any other Federal de-
partments and agencies that the Secretary of the Treasury 
determines appropriate, shall establish and make public 
its priorities for U.S. anti-money laundering and counter 
terrorist financing policy. 
(b) SUPERVISION AND EXAMINATION.—The incorpo-
ration by financial institutions of the priorities established 
pursuant to subsection (a) into the programs established 
by those financial institutions to meet obligations under 
the Bank Secrecy Act, the USA PATRIOT Act, and other 
anti-money laundering and counter terrorist financing 
laws and regulations shall form the basis on which the 
financial institutions are supervised and examined for 
compliance with those obligations. 
(c) RULE
OF CONSTRUCTION.—Nothing in sub-
section (a) may be construed as releasing financial institu-
tions from the requirement to comply with obligations 
under the Bank Secrecy Act and other Federal laws and 
regulations. 
(d) REPORT.—Not later than nine months after the 
date of enactment of this Act, the Secretary of the Treas-
ury (in consultation with Federal law enforcement agen-
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cies, the Director of National Intelligence, and the Federal 
functional regulators) shall submit to the Committee on 
Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate a report containing— 
(1) an analysis of the Secretary of the Treas-
ury’s delegation of examination authority under the 
Bank Secrecy Act, including the adequacy of the De-
partment of the Treasury’s resources, capacity, ex-
pertise, and ability to effectively carry out the pur-
poses of the Bank Secrecy Act; 
(2) an examination of whether the Secretary 
should de-delegate that authority with regard to cer-
tain financial institutions; and 
(3) legislative, administrative, and other rec-
ommendations to strengthen the Department of the 
Treasury’s authority to ensure an effective U.S. 
anti-money laundering and counter terrorist financ-
ing regime. 
SEC. 2. DEFINITIONS. 
For purposes of this Act: 
(1) BANK SECRECY ACT.—The term ‘‘Bank Se-
crecy Act’’ means— 
(A) section 21 of the Federal Deposit In-
surance Act; 
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(B) chapter 2 of title I of Public Law 91– 
508; and 
(C) subchapter II of chapter 53 of title 31, 
United States Code. 
(2) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ has the meaning given that term 
under section 5312 of title 31, United States Code. 
Æ 
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