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(b) REPORT.—Not later than 1 year after the date 
of enactment of this Act, the Secretary of the Treasury 
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 re-
port containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) recommendations to improve the efficacy of 
delegation authority, including the potential for de- 
delegation of any or all such authority where it may 
be appropriate. 
(c) BANK
SECRECY
ACT
DEFINED.—The term 
‘‘Bank Secrecy Act’’ has the meaning given that term 
under section 5312 off title 31, United States Code. 
SEC. 113. STUDY AND STRATEGY ON CHINESE MONEY 
LAUNDERING. 
(a) STUDY.—The Secretary of the Treasury shall 
carry out a study on the extent and effect of Chinese 
money laundering activities in the United States, including 
territories and possessions of the United States, and 
worldwide. 
(b) STRATEGY TO COMBAT CHINESE MONEY LAUN-
DERING.—Upon the completion of the study required 
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under subsection (a), the Secretary shall, in consultation 
with such other Federal departments and agencies as the 
Secretary determines appropriate, develop a strategy to 
combat Chinese money laundering activities. 
(c) REPORT.—Not later than the end of the 1-year 
period beginning on the date of enactment of this Act, the 
Secretary of the Treasury shall issue a report to Congress 
containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) the strategy developed under subsection (b). 
TITLE II—IMPROVING AML/CFT 
OVERSIGHT 
SEC. 201. PILOT PROGRAM ON SHARING OF SUSPICIOUS 
ACTIVITY REPORTS WITHIN A FINANCIAL 
GROUP. 
(a) IN GENERAL.— 
(1) SHARING WITH FOREIGN BRANCHES AND 
AFFILIATES.—Section 5318(g) of title 31, United 
States Code, is amended by adding at the end the 
following: 
‘‘(5) PILOT PROGRAM ON SHARING WITH FOR-
EIGN BRANCHES, SUBSIDIARIES, AND AFFILIATES.— 
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‘‘(A) IN GENERAL.—The Secretary of the 
Treasury shall issue rules establishing the pilot 
program described under subparagraph (B), 
subject to such controls and restrictions as the 
Director of the Financial Crimes Enforcement 
Network determines appropriate, including con-
trols and restrictions regarding participation by 
financial institutions and jurisdictions in the 
pilot program. In prescribing such rules, the 
Secretary shall ensure that the sharing of infor-
mation described under such subparagraph (B) 
is subject to appropriate standards and require-
ments regarding data security and the confiden-
tiality of personally identifiable information. 
‘‘(B) PILOT
PROGRAM
DESCRIBED.—The 
pilot program required under this paragraph 
shall— 
‘‘(i) permit a financial institution with 
a reporting obligation under this sub-
section to share reports (and information 
on such reports) under this subsection with 
the institution’s foreign branches, subsidi-
aries, and affiliates for the purpose of com-
bating illicit finance risks, notwithstanding 
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any other provision of law except subpara-
graphs (A) and (C); 
‘‘(ii) terminate on the date that is 5 
years after the date of enactment of this 
paragraph, except that the Secretary may 
extend the pilot program for up to 2 years 
upon submitting a report to the Committee 
on Financial Services of the House of Rep-
resentatives and the Committee on Bank-
ing, Housing, and Urban Affairs of the 
Senate that includes— 
‘‘(I) a certification that the ex-
tension is in the national interest of 
the United States, with a detailed ex-
planation of the reasons therefor; 
‘‘(II) an evaluation of the useful-
ness of the pilot program, including a 
detailed analysis of any illicit activity 
identified or prevented as a result of 
the program; and 
‘‘(III) a detailed legislative pro-
posal providing for a long-term exten-
sion of the pilot program activities, in-
cluding expected budgetary resources 
for the activities, if the Secretary de-
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termines that a long-term extension is 
appropriate. 
‘‘(C) PROHIBITION
INVOLVING
CERTAIN 
JURISDICTIONS.—In issuing the regulations re-
quired under subparagraph (A), the Secretary 
may not permit a financial institution to share 
information on reports under this subsection 
with a foreign branch, subsidiary, or affiliate lo-
cated in— 
‘‘(i) the People’s Republic of China; 
‘‘(ii) the Russian Federation; or 
‘‘(iii) a jurisdiction that— 
‘‘(I) 
is 
subject 
to 
counter-
measures imposed by the Federal 
Government; 
‘‘(II) is a state sponsor of ter-
rorism; or 
‘‘(III) the Secretary has deter-
mined cannot reasonably protect the 
privacy and confidentiality of such in-
formation or would otherwise use such 
information in a manner that is not 
consistent with the national interest of 
the United States. 
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‘‘(D) IMPLEMENTATION
UPDATES.—Not 
later than 360 days after the date rules are 
issued under subparagraph (A), and annually 
thereafter for 3 years, the Secretary, or the 
Secretary’s designee, shall brief the Committee 
on Financial Services of the House of Rep-
resentatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate on— 
‘‘(i) the degree of any information 
sharing permitted under the pilot program, 
and a description of criteria used by the 
Secretary to evaluate the appropriateness 
of the information sharing; 
‘‘(ii) the effectiveness of the pilot pro-
gram in identifying or preventing the viola-
tion of a United States law or regulation, 
and mechanisms that may improve such ef-
fectiveness; and 
‘‘(iii) any recommendations to amend 
the design of the pilot program. 
‘‘(E) RULE OF CONSTRUCTION.—Nothing 
in this paragraph shall be construed as limiting 
the Secretary’s authority under provisions of 
law other than this paragraph to establish other 
permissible purposes or methods for a financial 
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institution sharing reports (and information on 
such reports) under this subsection with the in-
stitution’s foreign headquarters or with other 
branches of the same institution. 
‘‘(F) NOTICE OF USE OF OTHER AUTHOR-
ITY.—If the Secretary, pursuant to any author-
ity other than that provided under this para-
graph, permits a financial institution to share 
information on reports under this subsection 
with a foreign branch, subsidiary, or affiliate lo-
cated in a foreign jurisdiction, the Secretary 
shall notify the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and Urban 
Affairs of such permission and the applicable 
foreign jurisdiction. 
‘‘(6) TREATMENT OF FOREIGN JURISDICTION- 
ORIGINATED REPORTS.—A report received by a fi-
nancial institution from a foreign affiliate with re-
spect to a suspicious transaction relevant to a pos-
sible violation of law or regulation shall be subject 
to the same confidentiality requirements provided 
under this subsection for a report of a suspicious 
transaction described under paragraph (1).’’. 
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(2) 
NOTIFICATION
PROHIBITIONS.—Section 
5318(g)(2)(A) of title 31, United States Code, is 
amended— 
(A) in clause (i), by inserting after ‘‘trans-
action has been reported’’ the following: ‘‘or 
otherwise reveal any information that would re-
veal that the transaction has been reported’’; 
and 
(B) in clause (ii), by inserting after ‘‘trans-
action has been reported,’’ the following: ‘‘or 
otherwise reveal any information that would re-
veal that the transaction has been reported,’’. 
(b) RULEMAKING.—Not later than the end of the 
360-day period beginning on the date of enactment of this 
Act, the Secretary of the Treasury shall issue regulations 
to carry out the amendments made by this section. 
SEC. 202. SHARING OF COMPLIANCE RESOURCES. 
(a) IN GENERAL.—Section 5318 of title 31, United 
States Code, is amended by adding at the end the fol-
lowing: 
‘‘(o) SHARING OF COMPLIANCE RESOURCES.— 
‘‘(1) SHARING PERMITTED.—Two or more fi-
nancial institutions may enter into collaborative ar-
rangements in order to more efficiently comply with 
the requirements of this subchapter. 
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‘‘(2) OUTREACH.—The Secretary of the Treas-
ury and the appropriate supervising agencies shall 
carry out an outreach program to provide financial 
institutions with information, including best prac-
tices, with respect to the sharing of resources de-
scribed under paragraph (1).’’. 
(b) RULE
OF
CONSTRUCTION.—The amendment 
made by subsection (a) may not be construed to require 
financial institutions to share resources. 
SEC. 203. GAO STUDY ON FEEDBACK LOOPS. 
(a) STUDY.—The Comptroller General of the United 
States shall carry out a study on— 
(1) best practices within the United States Gov-
ernment for providing feedback (‘‘feedback loop’’) to 
relevant parties (including regulated private entities) 
on the usage and usefulness of personally identifi-
able information (‘‘PII’’), sensitive-but-unclassified 
(‘‘SBU’’) data, or similar information provided by 
such parties to Government users of such informa-
tion and data (including law enforcement or regu-
lators); and 
(2) any practices or standards inside or outside 
the United States for providing feedback through 
sensitive information and public-private partnership 
information sharing efforts, specifically related to ef-
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forts to combat money laundering and other forms 
of illicit finance. 
(b) REPORT.—Not later than the end of the 18- 
month period beginning on the date of the enactment of 
this Act, the Comptroller General shall issue a report to 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial Services 
of the House of Representatives containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
(2) with respect to each of paragraphs (1) and 
(2) of subsection (a), any best practices or signifi-
cant concerns identified by the Comptroller General, 
and their applicability to public-private partnerships 
and feedback loops with respect to United States ef-
forts to combat money laundering and other forms 
of illicit finance; and 
(3) recommendations to reduce or eliminate any 
unnecessary Government collection of the informa-
tion described under subsection (a)(1). 
SEC. 204. FINCEN STUDY ON BSA VALUE. 
(a) STUDY.—The Director of the Financial Crimes 
Enforcement Network shall carry out a study on Bank Se-
crecy Act value. 
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(b) REPORT.—Not later than the end of the 30-day 
period beginning on the date the study under subsection 
(a) is completed, the Director shall issue a report to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate containing all findings and 
determinations made in carrying out the study required 
under this section. 
(c) CLASSIFIED ANNEX.—The report required under 
this section may include a classified annex, if the Director 
determines it appropriate. 
(d) BANK SECRECY ACT DEFINED.—For purposes of 
this section, the term ‘‘Bank Secrecy Act’’ has the mean-
ing given that term under section 5312 of title 31, United 
States Code. 
SEC. 205. SHARING OF THREAT PATTERN AND TREND IN-
FORMATION. 
Section 5318(g) of title 31, United States Code, as 
amended by section 201(a)(1), is further amended by add-
ing at the end the following: 
‘‘(7) SHARING
OF
THREAT
PATTERN
AND 
TREND INFORMATION.— 
‘‘(A) SAR ACTIVITY REVIEW.—The Direc-
tor of the Financial Crimes Enforcement Net-
work shall restart publication of the ‘SAR Ac-
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