SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Banking Transparency 
for Sanctioned Persons Act of 2019’’. 
SEC. 2. REPORT ON FINANCIAL SERVICES BENEFITTING 
STATE SPONSORS OF TERRORISM, HUMAN 
RIGHTS ABUSERS, AND CORRUPT OFFICIALS. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, and every 180 days 
thereafter, the Secretary of the Treasury shall issue a re-
port to the Committees on Financial Services and Foreign 
Affairs of the House of Representatives and the Commit-
tees on Banking, Housing, and Urban Affairs and Foreign 
Relations of the Senate that includes— 
(1) a copy of any license issued by the Sec-
retary in the preceding 180 days that authorizes a 
financial institution to provide financial services ben-
efitting a state sponsor of terrorism; and 
(2) a list of any foreign financial institutions 
that, in the preceding 180 days, knowingly con-
ducted a significant transaction or transactions, di-
rectly or indirectly, for a sanctioned person included 
on the Department of the Treasury’s Specially Des-
ignated Nationals And Blocked Persons List who— 
(A) is owned or controlled by, or acts on 
behalf of, the government of a state sponsor of 
terrorism; or
(B) is designated pursuant to any of the 
following: 
(i) Section 404 of the Russia and 
Moldova Jackson-Vanik Repeal and Sergei 
Magnitsky Rule of Law Accountability Act 
of 2012 (Public Law 112208). 
(ii) Subtitle F of title XII of the Na-
tional Defense Authorization Act for Fiscal 
Year 2017 (Public Law 114–328, the 
Global Magnitsky Human Rights Account-
ability Act). 
(iii) Executive Order No. 13818. 
(b) FORM OF REPORT.—The report required under 
subsection (a) shall be submitted in unclassified form but 
may contain a classified annex. 
SEC. 3. WAIVER. 
The Secretary of the Treasury may waive the require-
ments of section 2 with respect to a foreign financial insti-
tution described in paragraph (2) of such section— 
(1) upon receiving credible assurances that the 
foreign financial institution has ceased, or will immi-
nently cease, to knowingly conduct any significant 
transaction or transactions, directly or indirectly, for 
a person described in subparagraph (A) or (B) of 
such paragraph (2); or
(2) upon certifying to the Committees on Fi-
nancial Services and Foreign Affairs of the House of 
Representatives and the Committees on Banking, 
Housing, and Urban Affairs and Foreign Relations 
of the Senate that the waiver is important to the na-
tional interest of the United States, with an expla-
nation of the reasons therefor. 
SEC. 4. DEFINITIONS. 
For purposes of this Act: 
(1) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means a United States financial 
institution or a foreign financial institution. 
(2) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given that term under section 561.308 of title 31, 
Code of Federal Regulations. 
(3) KNOWINGLY.—The term ‘‘knowingly’’ with 
respect to conduct, a circumstance, or a result, 
means that a person has actual knowledge, or should 
have known, of the conduct, the circumstance, or the 
result. 
(4) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of 
Federal Regulations. 
SEC. 5. SUNSET. 
The reporting requirement under this Act shall termi-
nate on the date that is the end of the 7-year period begin-
ning on the date of the enactment of this Act. 
Passed the House of Representatives May 14, 2019. 
Attest: 
Clerk.
116TH CONGRESS 
1ST SESSION 
H. R. 1037 
AN ACT 
To increase transparency with respect to financial 
services benefitting state sponsors of terrorism, 
human rights abusers, and corrupt officials, and 
for other purposes.