H. R. 3162—45
(1) in subsection (d), by adding the following after para-
graph (2):
‘‘(3) PRESERVATION OF PROPERTY.—
‘‘(A) IN GENERAL.—To preserve the availability of prop-
erty subject to a foreign forfeiture or confiscation judgment,
the Government may apply for, and the court may issue,
a restraining order pursuant to section 983(j) of title 18,
at any time before or after an application is filed pursuant
to subsection (c)(1) of this section.
‘‘(B) EVIDENCE.—The court, in issuing a restraining
order under subparagraph (A)—
‘‘(i) may rely on information set forth in an affi-
davit describing the nature of the proceeding or inves-
tigation underway in the foreign country, and setting
forth a reasonable basis to believe that the property
to be restrained will be named in a judgment of for-
feiture at the conclusion of such proceeding; or
‘‘(ii) may register and enforce a restraining order
that has been issued by a court of competent jurisdic-
tion in the foreign country and certified by the Attorney
General pursuant to subsection (b)(2).
‘‘(C) LIMIT ON GROUNDS FOR OBJECTION.—No person
may object to a restraining order under subparagraph (A)
on any ground that is the subject of parallel litigation
involving the same property that is pending in a foreign
court.’’;
(2) in subsection (b)(1)(C), by striking ‘‘establishing that
the defendant received notice of the proceedings in sufficient
time to enable the defendant’’ and inserting ‘‘establishing that
the foreign nation took steps, in accordance with the principles
of due process, to give notice of the proceedings to all persons
with an interest in the property in sufficient time to enable
such persons’’;
(3) in subsection (d)(1)(D), by striking ‘‘the defendant in
the proceedings in the foreign court did not receive notice’’
and inserting ‘‘the foreign nation did not take steps, in accord-
ance with the principles of due process, to give notice of the
proceedings to a person with an interest in the property’’;
and
(4) in subsection (a)(2)(A), by inserting ‘‘, any violation
of foreign law that would constitute a violation or an offense
for which property could be forfeited under Federal law if
the offense were committed in the United States’’ after ‘‘United
Nations Convention’’.
SEC. 324. REPORT AND RECOMMENDATION.
Not later than 30 months after the date of enactment of this
Act, the Secretary, in consultation with the Attorney General, the
Federal banking agencies (as defined at section 3 of the Federal
Deposit Insurance Act), the National Credit Union Administration
Board, the Securities and Exchange Commission, and such other
agencies as the Secretary may determine, at the discretion of the
Secretary, shall evaluate the operations of the provisions of this
subtitle and make recommendations to Congress as to any legisla-
tive action with respect to this subtitle as the Secretary may deter-
mine to be necessary or advisable.
H. R. 3162—46
SEC. 325. CONCENTRATION ACCOUNTS AT FINANCIAL INSTITUTIONS.
Section 5318(h) of title 31, United States Code, as amended
by section 202 of this title, is amended by adding at the end
the following:
‘‘(3) CONCENTRATION ACCOUNTS.—The Secretary may pre-
scribe regulations under this subsection that govern mainte-
nance of concentration accounts by financial institutions, in
order to ensure that such accounts are not used to prevent
association of the identity of an individual customer with the
movement of funds of which the customer is the direct or
beneficial owner, which regulations shall, at a minimum—
‘‘(A) prohibit financial institutions from allowing clients
to direct transactions that move their funds into, out of,
or through the concentration accounts of the financial
institution;
‘‘(B) prohibit financial institutions and their employees
from informing customers of the existence of, or the means
of identifying, the concentration accounts of the institution;
and
‘‘(C) require each financial institution to establish writ-
ten procedures governing the documentation of all trans-
actions involving a concentration account, which procedures
shall ensure that, any time a transaction involving a con-
centration account commingles funds belonging to 1 or
more customers, the identity of, and specific amount
belonging to, each customer is documented.’’.
SEC. 326. VERIFICATION OF IDENTIFICATION.
(a) IN GENERAL.—Section 5318 of title 31, United States Code,
as amended by this title, is amended by adding at the end the
following:
‘‘(l) IDENTIFICATION AND VERIFICATION OF ACCOUNTHOLDERS.—
‘‘(1) IN GENERAL.—Subject to the requirements of this sub-
section, the Secretary of the Treasury shall prescribe regula-
tions setting forth the minimum standards for financial institu-
tions and their customers regarding the identity of the customer
that shall apply in connection with the opening of an account
at a financial institution.
‘‘(2) MINIMUM REQUIREMENTS.—The regulations shall, at
a minimum, require financial institutions to implement, and
customers (after being given adequate notice) to comply with,
reasonable procedures for—
‘‘(A) verifying the identity of any person seeking to
open an account to the extent reasonable and practicable;
‘‘(B) maintaining records of the information used to
verify a person’s identity, including name, address, and
other identifying information; and
‘‘(C) consulting lists of known or suspected terrorists
or terrorist organizations provided to the financial institu-
tion by any government agency to determine whether a
person seeking to open an account appears on any such
list.
‘‘(3) FACTORS TO BE CONSIDERED.—In prescribing regula-
tions under this subsection, the Secretary shall take into consid-
eration the various types of accounts maintained by various
types of financial institutions, the various methods of opening
H. R. 3162—47
accounts, and the various types of identifying information avail-
able.
‘‘(4) CERTAIN FINANCIAL INSTITUTIONS.—In the case of any
financial institution the business of which is engaging in finan-
cial activities described in section 4(k) of the Bank Holding
Company Act of 1956 (including financial activities subject
to the jurisdiction of the Commodity Futures Trading Commis-
sion), the regulations prescribed by the Secretary under para-
graph (1) shall be prescribed jointly with each Federal func-
tional regulator (as defined in section 509 of the Gramm-Leach-
Bliley Act, including the Commodity Futures Trading Commis-
sion) appropriate for such financial institution.
‘‘(5) EXEMPTIONS.—The Secretary (and, in the case of any
financial institution described in paragraph (4), any Federal
agency described in such paragraph) may, by regulation or
order, exempt any financial institution or type of account from
the requirements of any regulation prescribed under this sub-
section in accordance with such standards and procedures as
the Secretary may prescribe.
‘‘(6) EFFECTIVE DATE.—Final regulations prescribed under
this subsection shall take effect before the end of the 1-year
period beginning on the date of enactment of the International
Money Laundering Abatement and Financial Anti-Terrorism
Act of 2001.’’.
(b) STUDY AND REPORT REQUIRED.—Within 6 months after the
date of enactment of this Act, the Secretary, in consultation with
the Federal functional regulators (as defined in section 509 of
the Gramm-Leach-Bliley Act) and other appropriate Government
agencies, shall submit a report to the Congress containing rec-
ommendations for—
(1) determining the most timely and effective way to require
foreign nationals to provide domestic financial institutions and
agencies with appropriate and accurate information, com-
parable to that which is required of United States nationals,
concerning the identity, address, and other related information
about such foreign nationals necessary to enable such institu-
tions and agencies to comply with the requirements of this
section;
(2) requiring foreign nationals to apply for and obtain,
before opening an account with a domestic financial institution,
an identification number which would function similarly to
a Social Security number or tax identification number; and
(3) establishing a system for domestic financial institutions
and agencies to review information maintained by relevant
Government agencies for purposes of verifying the identities
of foreign nationals seeking to open accounts at those institu-
tions and agencies.
SEC. 327. CONSIDERATION OF ANTI-MONEY LAUNDERING RECORD.
(a) BANK HOLDING COMPANY ACT OF 1956.—
(1) IN GENERAL.—Section 3(c) of the Bank Holding Com-
pany Act of 1956 (12 U.S.C. 1842(c)) is amended by adding
at the end the following new paragraph:
‘‘(6) MONEY LAUNDERING.—In every case, the Board shall
take into consideration the effectiveness of the company or
companies in combatting money laundering activities, including
in overseas branches.’’.
H. R. 3162—48
(2) SCOPE OF APPLICATION.—The amendment made by para-
graph (1) shall apply with respect to any application submitted
to the Board of Governors of the Federal Reserve System under
section 3 of the Bank Holding Company Act of 1956 after December
31, 2001, which has not been approved by the Board before the
date of enactment of this Act.
(b) MERGERS SUBJECT TO REVIEW UNDER FEDERAL DEPOSIT
INSURANCE ACT.—
(1) IN GENERAL.—Section 18(c) of the Federal Deposit Insur-
ance Act (12 U.S.C. 1828(c)) is amended—
(A) by redesignating paragraph (11) as paragraph (12);
and
(B) by inserting after paragraph (10), the following
new paragraph:
‘‘(11) MONEY LAUNDERING.—In every case, the responsible
agency, shall take into consideration the effectiveness of any
insured depository institution involved in the proposed merger
transaction 
in 
combatting 
money 
laundering 
activities,
including in overseas branches.’’.
(2) SCOPE OF APPLICATION.—The amendment made by para-
graph (1) shall apply with respect to any application submitted
to the responsible agency under section 18(c) of the Federal
Deposit Insurance Act after December 31, 2001, which has
not been approved by all appropriate responsible agencies
before the date of enactment of this Act.
SEC. 328. INTERNATIONAL COOPERATION ON IDENTIFICATION OF
ORIGINATORS OF WIRE TRANSFERS.
The Secretary shall—
(1) in consultation with the Attorney General and the Sec-
retary of State, take all reasonable steps to encourage foreign
governments to require the inclusion of the name of the origi-
nator in wire transfer instructions sent to the United States
and other countries, with the information to remain with the
transfer from its origination until the point of disbursement;
and
(2) report annually to the Committee on Financial Services
of the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate on—
(A) progress toward the goal enumerated in paragraph
(1), as well as impediments to implementation and an
estimated compliance rate; and
(B) impediments to instituting a regime in which all
appropriate identification, as defined by the Secretary,
about wire transfer recipients shall be included with wire
transfers from their point of origination until disbursement.
SEC. 329. CRIMINAL PENALTIES.
Any person who is an official or employee of any department,
agency, bureau, office, commission, or other entity of the Federal
Government, and any other person who is acting for or on behalf
of any such entity, who, directly or indirectly, in connection with
the administration of this title, corruptly demands, seeks, receives,
accepts, or agrees to receive or accept anything of value personally
or for any other person or entity in return for—
(1) being influenced in the performance of any official act;