H. R. 6395—1192 
Secrecy Act’, ‘State bank supervisor’, and ‘State credit union 
supervisor’ have the meanings given the terms in section 
6003 of the Anti-Money Laundering Act of 2020.’’. 
(b) NOTIFICATION PROHIBITIONS.—Section 5318(g)(2)(A) of title 
31, United States Code, is amended— 
(1) in clause (i), by inserting ‘‘or otherwise reveal any 
information that would reveal that the transaction has been 
reported,’’ after ‘‘transaction has been reported’’; and 
(2) in clause (ii), by inserting ‘‘or otherwise reveal any 
information that would reveal that the transaction has been 
reported,’’ after ‘‘transaction has been reported,’’. 
SEC. 6213. SHARING OF COMPLIANCE RESOURCES. 
(a) IN GENERAL.—Section 5318 of title 31, United States Code, 
as amended by section 6209 of this division, is amended by adding 
at the end the following: 
‘‘(p) SHARING OF COMPLIANCE RESOURCES.— 
‘‘(1) SHARING
PERMITTED.—In order to more efficiently 
comply with the requirements of this subchapter, 2 or more 
financial institutions may enter into collaborative arrange-
ments, as described in the statement entitled ‘Interagency 
Statement on Sharing Bank Secrecy Act Resources’, published 
on October 3, 2018, by the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance Corporation, 
the Financial Crimes Enforcement Network, the National 
Credit Union Administration, and the Office of the Comptroller 
of the Currency. 
‘‘(2) OUTREACH.—The Secretary of the Treasury and the 
appropriate supervising agencies shall carry out an outreach 
program to provide financial institutions with information, 
including best practices, with respect to the collaborative 
arrangements described in paragraph (1).’’. 
(b) RULE OF CONSTRUCTION.—The amendment made by sub-
section (a) may not be construed to require financial institutions 
to share resources. 
SEC. 6214. ENCOURAGING INFORMATION SHARING AND PUBLIC-PRI-
VATE PARTNERSHIPS. 
(a) IN GENERAL.—The Secretary shall convene a supervisory 
team of relevant Federal agencies, private sector experts in banking, 
national security, and law enforcement, and other stakeholders 
to examine strategies to increase cooperation between the public 
and private sectors for purposes of countering illicit finance, 
including proliferation finance and sanctions evasion. 
(b) MEETINGS.—The supervisory team convened under sub-
section (a) shall meet periodically to advise on strategies to combat 
the risk relating to proliferation financing. 
(c) FEDERAL ADVISORY COMMITTEE ACT.—The Federal Advisory 
Committee Act (5 U.S.C. App.) shall not apply to the supervisory 
team convened under subsection (a) or to the activities of the 
supervisory team. 
SEC. 6215. FINANCIAL SERVICES DE-RISKING. 
(a) SENSE OF CONGRESS.—It is the sense of Congress that— 
(1) providing vital humanitarian and development assist-
ance and protecting the integrity of the international financial 
system are complementary goals;
H. R. 6395—1193 
(2) nonprofit organizations based in the United States with 
international activities often face difficulties with financial 
access, most commonly the inability to send funds internation-
ally through transparent, regulated financial channels; 
(3) without access to timely and predictable banking serv-
ices, nonprofit organizations, including international develop-
ment organizations, cannot carry out essential humanitarian 
activities critical to the survival of those in affected commu-
nities; 
(4) similar access issues are a concern for other underserved 
individuals and entities such as those sending remittances from 
the United States to their families overseas and certain 
domestic and overseas jurisdictions that have experienced cur-
tailed access to cross-border financial services due, in part, 
to de-risking; 
(5) the financial exclusion caused by de-risking can ulti-
mately drive money into less transparent, shadow channels 
through the carrying of cash or use of unlicensed or unregis-
tered money service remitters, thus reducing transparency and 
traceability, which are critical for financial integrity, and can 
increase the risk of money falling into the wrong hands; 
(6) effective measures are needed to stop the flow of illicit 
funds and promote the goals of anti-money laundering and 
countering the financing of terrorism and sanctions regimes; 
(7) anti-money laundering, countering the financing of ter-
rorism, and sanctions policies are needed that do not unduly 
hinder or delay the efforts of legitimate humanitarian organiza-
tions in providing assistance to— 
(A) meet the needs of civilians facing a humanitarian 
crisis, including enabling governments and humanitarian 
organizations to provide them with timely access to food, 
health, and medical care, shelter, and clean drinking water; 
and 
(B) prevent or alleviate human suffering, in keeping 
with requirements of international humanitarian law; 
(8) anti-money laundering, countering the financing of ter-
rorism, and sanctions policies must ensure that the policies 
do not unduly hinder or delay legitimate access to the inter-
national financial system for underserved individuals, entities, 
and geographic areas; 
(9) policies that ensure that incidental, inadvertent benefits 
that may indirectly benefit a designated group in the course 
of delivering life-saving aid to civilian populations are not the 
primary focus of Federal Government enforcement efforts; 
(10) policies that encourage financial inclusion, particularly 
of underserved populations, must remain a priority; and 
(11) laws, regulations, policies, guidance, and other meas-
ures that ensure the integrity of the financial system through 
a risk-based approach should be prioritized. 
(b) GAO DE-RISKING ANALYSIS.— 
(1) IN
GENERAL.—Not later than 1 year after the date 
of enactment of this Act, the Comptroller General of the United 
States shall conduct an analysis and submit to Congress a 
report on financial services de-risking. 
(2) CONTENTS.—The analysis required under paragraph (1) 
shall—
H. R. 6395—1194 
(A) rely substantially on information obtained through 
prior de-risking analyses conducted by the Comptroller 
General of the United States; 
(B) consider the many drivers of de-risking as identified 
by the Financial Action Task Force, including profitability, 
reputational risk, lower risk appetites of banks, regulatory 
burdens and unclear expectations, and sanctions regimes; 
and 
(C) identify options for financial institutions handling 
transactions or accounts for high-risk categories of clients 
and for minimizing the negative effects of anti-money laun-
dering and countering the financing of terrorism require-
ments on such individuals and entities and on certain 
high-risk geographic jurisdictions, without compromising 
the effectiveness of Federal anti-money laundering and 
countering the financing of terrorism requirements. 
(c) REVIEW OF DE-RISKING.— 
(1) DEFINITION.—In this subsection, the term ‘‘de-risking’’ 
means actions taken by a financial institution to terminate, 
fail to initiate, or restrict a business relationship with a cus-
tomer, or a category of customers, rather than manage the 
risk associated with that relationship consistent with risk-based 
supervisory or regulatory requirements, due to drivers such 
as profitability, reputational risk, lower risk appetites of banks, 
regulatory burdens or unclear expectations, and sanctions 
regimes. 
(2) REVIEW.—Upon completion of the analysis required 
under subsection (b), the Secretary, in consultation with the 
Federal functional regulators, State bank supervisors, State 
credit union supervisors, and appropriate public- and private- 
sector stakeholders shall— 
(A) undertake a formal review of the financial institu-
tion reporting requirements, as in effect on the date of 
enactment of this Act, including the processes used to 
submit reports under the Bank Secrecy Act, regulations 
implementing the Bank Secrecy Act, examination stand-
ards related to the Bank Secrecy Act, and related guidance; 
and 
(B) propose changes, as appropriate, to those require-
ments and examination standards described in paragraph 
(1) to reduce any unnecessarily burdensome regulatory 
requirements and ensure that the information provided 
fulfills the purpose described in section 5311 of title 31, 
United States Code, as amended by this division. 
(3) CONTENTS.—The review required under paragraph (2) 
shall— 
(A) rely substantially on information obtained through 
the de-risking analyses conducted by the Comptroller Gen-
eral of the United States; and 
(B) consider— 
(i) any adverse consequence of financial institu-
tions de-risking entire categories of relationships, 
including charities, embassy accounts, money services 
businesses, as defined in section 1010.100 of title 31, 
Code of Federal Regulations, or a successor regulation, 
agents of the financial institutions, countries, inter-
national and domestic regions, and respondent banks;
H. R. 6395—1195 
(ii) the reasons why financial institutions are 
engaging in de-risking, including the role of domestic 
and international regulations, standards, and examina-
tions; 
(iii) the association with and effects of de-risking 
on money laundering and financial crime actors and 
activities; 
(iv) the most appropriate ways to promote financial 
inclusion, particularly with respect to developing coun-
tries, while maintaining compliance with the Bank 
Secrecy Act, including an assessment of policy options 
to— 
(I) more effectively tailor Federal actions and 
penalties to the size of foreign financial institutions 
and any capacity limitations of foreign govern-
ments; and 
(II) reduce compliance costs that may lead to 
the adverse consequences described in clause (i); 
(v) formal and informal feedback provided by 
examiners that may have led to de-risking; 
(vi) the relationship between resources dedicated 
to compliance and overall sophistication of compliance 
efforts at entities that may be experiencing de-risking, 
especially compared to those that have not experienced 
de-risking; 
(vii) best practices from the private sector that 
facilitate correspondent banking relationships; and 
(viii) other matters that the Secretary determines 
are appropriate. 
(4) STRATEGY ON DE-RISKING.—Upon the completion of the 
review required under this subsection, the Secretary of the 
Treasury, in consultation with the Federal functional regu-
lators, State bank supervisors, State credit union supervisors, 
and appropriate public- and private-sector stakeholders, shall 
develop a strategy to reduce de-risking and adverse con-
sequences related to de-risking. 
(5) REPORT.—Not later than 1 year after the completion 
of the analysis required under subsection (b), the Secretary 
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 report containing— 
(A) all findings and determinations made in carrying 
out the review required under this subsection; and 
(B) the strategy developed under paragraph (4). 
SEC. 6216. REVIEW OF REGULATIONS AND GUIDANCE. 
(a) IN GENERAL.—The Secretary, in consultation with the Fed-
eral functional regulators, the Financial Institutions Examination 
Council, the Attorney General, Federal law enforcement agencies, 
the Director of National Intelligence, the Secretary of Homeland 
Security, and the Commissioner of Internal Revenue, shall— 
(1) undertake a formal review of the regulations imple-
menting the Bank Secrecy Act and guidance related to that 
Act— 
(A) to ensure the Department of the Treasury provides, 
on a continuing basis, for appropriate safeguards to protect