I 
115TH CONGRESS 
2D SESSION 
H. R. 6865 
To direct the Comptroller General of the United States to conduct certain 
studies, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 24, 2018 
Mr. KUSTOFF of Tennessee introduced the following bill; which was referred 
to the Committee on Financial Services 
A BILL 
To direct the Comptroller General of the United States to 
conduct certain studies, 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. SHORT TITLE. 
This Act may be cited as the ‘‘Modernizing Illicit Fi-
nancial Accountability and Reporting Act’’. 
SEC. 2. STUDIES AND REPORTS. 
(a) BENEFICIAL OWNERSHIP.—Not later than 2 
years after the date of enactment of this Act, the Comp-
troller General of the United States shall conduct a study 
and submit to the Congress a report— 
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(1) evaluating the effectiveness of the collection 
of beneficial ownership information under the final 
rule of the Department of the Treasury entitled 
‘‘Customer Due Diligence Requirements for Finan-
cial Institutions’’ (‘‘CDD rule’’) and published May 
11, 2016 (81 Fed. Reg. 29397), including— 
(A) whether law enforcement agencies have 
had timely access to the information; 
(B) the utility of such information in law 
enforcement investigations or prosecutions; 
(C) an analysis of the reporting burden 
placed on financial institutions versus the utility 
of such information being made available to law 
enforcement; and 
(D) whether further legislation is required 
to reduce regulatory burdens or increase the 
utility and timely access of such information to 
law enforcement; 
(2) assessing the effectiveness of incorporation 
practices implemented under the CDD rule. 
(b) COMPREHENSIVE COST-BENEFIT ANALYSIS.— 
Not later than 2 years after the date of enactment of this 
Act, the Comptroller General of the United States shall 
conduct a study and submit to the Congress a report— 
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(1) providing a comprehensive quantitative and 
qualitative estimate of the annualized costs to the 
private sector to comply with the statutory and regu-
latory requirements of the Bank Secrecy Act and re-
lated anti-money laundering laws and regulations; 
(2) providing a comprehensive qualitative and 
quantitative analysis of the effectiveness of the cur-
rent anti-money laundering and counter terrorist fi-
nancing framework in preventing, detecting, and 
prosecuting terrorist and illicit financing; 
(3) providing a comprehensive qualitative and 
quantitative analysis of the benefits and costs to 
both the private sector and the Government of the 
private sector’s compliance with the statutory and 
regulatory requirements of the Bank Secrecy Act 
and related anti-money laundering laws and regula-
tions; and 
(4) examining the costs borne and effect on ac-
cess to financial services for consumers and cus-
tomers as a result of financial institutions compli-
ance with the statutory and regulatory requirements 
of the Bank Secrecy Act and related anti-money 
laundering laws and regulations. 
SEC. 3. DEFINITIONS. 
For purposes of this Act: 
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(1) BANK SECRECY ACT.—The term ‘‘Bank Se-
crecy Act’’ means— 
(A) section 21 of the Federal Deposit In-
surance Act; 
(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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