(b) DE-RISKING STRATEGY.—The Secretary shall de-
velop a strategy to reduce de-risking and adverse con-
sequences related to de-risking. 
(c) REPORT.—Not later than the end of the 1-year pe-
riod beginning on the date of the enactment of this Act, 
the Secretary, in consultation with the Federal functional 
regulators and other relevant stakeholders, shall issue a re-
port to the Congress containing— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
and 
(2) the strategy developed pursuant to subsection 
(b). 
(d) DEFINITIONS.—In this section: 
(1) DE-RISKING.—The term ‘‘de-risking’’ means 
the wholesale closing of accounts or limiting of finan-
cial services for a category of customer due to unsub-
stantiated risk as it relates to compliance with the 
Bank Secrecy Act. 
(2) BSA TERMS.—The terms ‘‘Bank Secrecy 
Act’’ and ‘‘financial institution’’ have the meaning 
given those terms, respectively, under section 5312 off 
title 31, United States Code. 
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SEC. 112. AML EXAMINATION AUTHORITY DELEGATION 
STUDY. 
(a) STUDY.—The Secretary of the Treasury shall carry 
out a study on the Secretary’s delegation of examination 
authority under the Bank Secrecy Act, including— 
(1) an evaluation of the efficacy of the delega-
tion, especially with respect to the mission of the 
Bank Secrecy Act; 
(2) whether the delegated agencies have appro-
priate resources to perform their delegated responsibil-
ities; and 
(3) whether the examiners in delegated agencies 
have sufficient training and support to perform their 
responsibilities. 
(b) REPORT.—Not later than one 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, Hous-
ing, and Urban Affairs of the Senate a report 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. 
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(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 LAUN-
DERING. 
(a) STUDY.—The Secretary of the Treasury shall carry 
out a study on the extent and effect of Chinese money laun-
dering activities in the United States and worldwide. 
(b) STRATEGY TO COMBAT CHINESE MONEY LAUN-
DERING.—Upon the completion of the study required under 
subsection (a), the Secretary shall, in consultation with 
such other Federal departments and agencies as the Sec-
retary determines appropriate, develop a strategy to combat 
Chinese money laundering activities. 
(c) REPORT.—Not later than the end of the 1-year pe-
riod 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). 
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TITLE II—IMPROVING AML/CFT 
OVERSIGHT 
SEC. 201. OECD PILOT PROGRAM ON SHARING OF SUS-
PICIOUS ACTIVITY REPORTS WITHIN A FINAN-
CIAL GROUP. 
(a) IN GENERAL.— 
(1) SHARING WITH FOREIGN BRANCHES AND AF-
FILIATES.—Section 5318(g) of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘(5) OECD PILOT PROGRAM ON SHARING WITH 
FOREIGN
BRANCHES, 
SUBSIDIARIES, 
AND
AFFILI-
ATES.— 
‘‘(A) IN
GENERAL.—Not later than 180 
days after the date of the enactment of this para-
graph, the Secretary of the Treasury shall issue 
rules, subject to such controls and restrictions as 
the Director of the Financial Crimes Enforce-
ment Network determines appropriate, estab-
lishing the pilot program described under sub-
paragraph (B). 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. 
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‘‘(B) PILOT
PROGRAM
DESCRIBED.—The 
pilot program required under this paragraph 
shall— 
‘‘(i) permit any 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, subsidiaries, 
and affiliates for the purpose of combating 
illicit finance risks, notwithstanding any 
other provision of law except subparagraph 
(C), but only if such foreign branch, sub-
sidiary, or affiliate is located in a jurisdic-
tion that is a member of the Organisation 
for Economic Co-operation and Develop-
ment; 
‘‘(ii) terminate on the date that is five 
years after the date of enactment of this 
paragraph, except that the Secretary may 
extend the pilot program for up to two 
years upon submitting a report to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on 
Banking, Housing, and Urban Affairs of 
the Senate that includes— 
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