H. R. 3162—49
(2) being influenced to commit or aid in the committing,
or to collude in, or allow, any fraud, or make opportunity
for the commission of any fraud, on the United States; or
(3) being induced to do or omit to do any act in violation
of the official duty of such official or person,
shall be fined in an amount not more than 3 times the monetary
equivalent of the thing of value, or imprisoned for not more than
15 years, or both. A violation of this section shall be subject to
chapter 227 of title 18, United States Code, and the provisions
of the United States Sentencing Guidelines.
SEC. 330. INTERNATIONAL COOPERATION IN INVESTIGATIONS OF
MONEY LAUNDERING, FINANCIAL CRIMES, AND THE
FINANCES OF TERRORIST GROUPS.
(a) NEGOTIATIONS.—It is the sense of the Congress that the Presi-
dent should direct the Secretary of State, the Attorney General,
or the Secretary of the Treasury, as appropriate, and in consultation
with the Board of Governors of the Federal Reserve System, to
seek to enter into negotiations with the appropriate financial super-
visory agencies and other officials of any foreign country the finan-
cial institutions of which do business with United States financial
institutions or which may be utilized by any foreign terrorist
organization (as designated under section 219 of the Immigration
and Nationality Act), any person who is a member or representative
of any such organization, or any person engaged in money laun-
dering or financial or other crimes.
(b) PURPOSES OF NEGOTIATIONS.—It is the sense of the Congress
that, in carrying out any negotiations described in paragraph (1),
the President should direct the Secretary of State, the Attorney
General, or the Secretary of the Treasury, as appropriate, to seek
to enter into and further cooperative efforts, voluntary information
exchanges, the use of letters rogatory, mutual legal assistance trea-
ties, and international agreements to—
(1) ensure that foreign banks and other financial institu-
tions maintain adequate records of transaction and account
information relating to any foreign terrorist organization (as
designated under section 219 of the Immigration and Nation-
ality Act), any person who is a member or representative of
any such organization, or any person engaged in money laun-
dering or financial or other crimes; and
(2) establish a mechanism whereby such records may be
made available to United States law enforcement officials and
domestic financial institution supervisors, when appropriate.
Subtitle B—Bank Secrecy Act Amendments
and Related Improvements
SEC. 351. AMENDMENTS RELATING TO REPORTING OF SUSPICIOUS
ACTIVITIES.
(a) AMENDMENT RELATING TO CIVIL LIABILITY IMMUNITY FOR
DISCLOSURES.—Section 5318(g)(3) of title 31, United States Code,
is amended to read as follows:
‘‘(3) LIABILITY FOR DISCLOSURES.—
‘‘(A) IN GENERAL.—Any financial institution that makes
a voluntary disclosure of any possible violation of law or
regulation to a government agency or makes a disclosure
H. R. 3162—50
pursuant to this subsection or any other authority, and
any director, officer, employee, or agent of such institution
who makes, or requires another to make any such disclo-
sure, shall not be liable to any person under any law
or regulation of the United States, any constitution, law,
or regulation of any State or political subdivision of any
State, or under any contract or other legally enforceable
agreement (including any arbitration agreement), for such
disclosure or for any failure to provide notice of such disclo-
sure to the person who is the subject of such disclosure
or any other person identified in the disclosure.
‘‘(B) RULE OF CONSTRUCTION.—Subparagraph (A) shall
not be construed as creating—
‘‘(i) any inference that the term ‘person’, as used
in such subparagraph, may be construed more broadly
than its ordinary usage so as to include any govern-
ment or agency of government; or
‘‘(ii) any immunity against, or otherwise affecting,
any civil or criminal action brought by any government
or agency of government to enforce any constitution,
law, or regulation of such government or agency.’’.
(b) PROHIBITION ON NOTIFICATION OF DISCLOSURES.—Section
5318(g)(2) of title 31, United States Code, is amended to read
as follows:
‘‘(2) NOTIFICATION PROHIBITED.—
‘‘(A) IN
GENERAL.—If a financial institution or any
director, officer, employee, or agent of any financial institu-
tion, voluntarily or pursuant to this section or any other
authority, reports a suspicious transaction to a government
agency—
‘‘(i) the financial institution, director, officer,
employee, or agent may not notify any person involved
in the transaction that the transaction has been
reported; and
‘‘(ii) no officer or employee of the Federal Govern-
ment or of any State, local, tribal, or territorial govern-
ment within the United States, who has any knowledge
that such report was made may disclose to any person
involved in the transaction that the transaction has
been reported, other than as necessary to fulfill the
official duties of such officer or employee.
‘‘(B) DISCLOSURES
IN
CERTAIN
EMPLOYMENT
REF-
ERENCES.—
‘‘(i) RULE OF CONSTRUCTION.—Notwithstanding the
application of subparagraph (A) in any other context,
subparagraph (A) shall not be construed as prohibiting
any financial institution, or any director, officer,
employee, or agent of such institution, from including
information that was included in a report to which
subparagraph (A) applies—
‘‘(I) in a written employment reference that
is provided in accordance with section 18(w) of
the Federal Deposit Insurance Act in response to
a request from another financial institution; or
‘‘(II) in a written termination notice or employ-
ment reference that is provided in accordance with
H. R. 3162—51
the rules of a self-regulatory organization reg-
istered with the Securities and Exchange Commis-
sion or the Commodity Futures Trading Commis-
sion,
except that such written reference or notice may not
disclose that such information was also included in
any such report, or that such report was made.
‘‘(ii) INFORMATION NOT REQUIRED.—Clause (i) shall
not be construed, by itself, to create any affirmative
duty to include any information described in clause
(i) in any employment reference or termination notice
referred to in clause (i).’’.
SEC. 352. ANTI-MONEY LAUNDERING PROGRAMS.
(a) IN GENERAL.—Section 5318(h) of title 31, United States
Code, is amended to read as follows:
‘‘(h) ANTI-MONEY LAUNDERING PROGRAMS.—
‘‘(1) IN GENERAL.—In order to guard against money laun-
dering through financial institutions, each financial institution
shall establish anti-money laundering programs, including, at
a minimum—
‘‘(A) the development of internal policies, procedures,
and controls;
‘‘(B) the designation of a compliance officer;
‘‘(C) an ongoing employee training program; and
‘‘(D) an independent audit function to test programs.
‘‘(2) REGULATIONS.—The Secretary of the Treasury, after
consultation with the appropriate Federal functional regulator
(as defined in section 509 of the Gramm-Leach-Bliley Act),
may prescribe minimum standards for programs established
under paragraph (1), and may exempt from the application
of those standards any financial institution that is not subject
to the provisions of the rules contained in part 103 of title
31, of the Code of Federal Regulations, or any successor rule
thereto, for so long as such financial institution is not subject
to the provisions of such rules.’’.
(b) EFFECTIVE DATE.—The amendment made by subsection (a)
shall take effect at the end of the 180-day period beginning on
the date of enactment of this Act.
(c) DATE OF APPLICATION OF REGULATIONS; FACTORS TO BE
TAKEN INTO ACCOUNT.—Before the end of the 180-day period begin-
ning on the date of enactment of this Act, the Secretary shall
prescribe regulations that consider the extent to which the require-
ments imposed under this section are commensurate with the size,
location, and activities of the financial institutions to which such
regulations apply.
SEC. 353. PENALTIES FOR VIOLATIONS OF GEOGRAPHIC TARGETING
ORDERS 
AND 
CERTAIN 
RECORDKEEPING 
REQUIRE-
MENTS, AND LENGTHENING EFFECTIVE PERIOD OF
GEOGRAPHIC TARGETING ORDERS.
(a) CIVIL PENALTY
FOR VIOLATION
OF TARGETING ORDER.—
Section 5321(a)(1) of title 31, United States Code, is amended—
(1) by inserting ‘‘or order issued’’ after ‘‘subchapter or a
regulation prescribed’’; and
(2) by inserting ‘‘, or willfully violating a regulation pre-
scribed under section 21 of the Federal Deposit Insurance Act
H. R. 3162—52
or section 123 of Public Law 91–508,’’ after ‘‘sections 5314
and 5315)’’.
(b) CRIMINAL
PENALTIES
FOR
VIOLATION
OF
TARGETING
ORDER.—Section 5322 of title 31, United States Code, is amended—
(1) in subsection (a)—
(A) by inserting ‘‘or order issued’’ after ‘‘willfully vio-
lating this subchapter or a regulation prescribed’’; and
(B) by inserting ‘‘, or willfully violating a regulation
prescribed under section 21 of the Federal Deposit Insur-
ance Act or section 123 of Public Law 91–508,’’ after ‘‘under
section 5315 or 5324)’’; and
(2) in subsection (b)—
(A) by inserting ‘‘or order issued’’ after ‘‘willfully vio-
lating this subchapter or a regulation prescribed’’; and
(B) by inserting ‘‘or willfully violating a regulation
prescribed under section 21 of the Federal Deposit Insur-
ance Act or section 123 of Public Law 91–508,’’ after ‘‘under
section 5315 or 5324),’’.
(c) STRUCTURING TRANSACTIONS TO EVADE TARGETING ORDER
OR CERTAIN RECORDKEEPING REQUIREMENTS.—Section 5324(a) of
title 31, United States Code, is amended—
(1) by inserting a comma after ‘‘shall’’;
(2) by striking ‘‘section—’’ and inserting ‘‘section, the
reporting or recordkeeping requirements imposed by any order
issued under section 5326, or the recordkeeping requirements
imposed by any regulation prescribed under section 21 of the
Federal Deposit Insurance Act or section 123 of Public Law
91–508—’’;
(3) in paragraph (1), by inserting ‘‘, to file a report or
to maintain a record required by an order issued under section
5326, or to maintain a record required pursuant to any regula-
tion prescribed under section 21 of the Federal Deposit Insur-
ance Act or section 123 of Public Law 91–508’’ after ‘‘regulation
prescribed under any such section’’; and
(4) in paragraph (2), by inserting ‘‘, to file a report or
to maintain a record required by any order issued under section
5326, or to maintain a record required pursuant to any regula-
tion prescribed under section 5326, or to maintain a record
required pursuant to any regulation prescribed under section
21 of the Federal Deposit Insurance Act or section 123 of
Public Law 91–508,’’ after ‘‘regulation prescribed under any
such section’’.
(d) LENGTHENING EFFECTIVE PERIOD
OF GEOGRAPHIC TAR-
GETING ORDERS.—Section 5326(d) of title 31, United States Code,
is amended by striking ‘‘more than 60’’ and inserting ‘‘more than
180’’.
SEC. 354. ANTI-MONEY LAUNDERING STRATEGY.
Section 5341(b) of title 31, United States Code, is amended
by adding at the end the following:
‘‘(12) DATA REGARDING FUNDING OF TERRORISM.—Data con-
cerning money laundering efforts related to the funding of
acts of international terrorism, and efforts directed at the
prevention, detection, and prosecution of such funding.’’.
H. R. 3162—53
SEC. 355. AUTHORIZATION TO INCLUDE SUSPICIONS OF ILLEGAL
ACTIVITY IN WRITTEN EMPLOYMENT REFERENCES.
Section 18 of the Federal Deposit Insurance Act (12 U.S.C.
1828) is amended by adding at the end the following:
‘‘(w) WRITTEN EMPLOYMENT REFERENCES MAY CONTAIN SUS-
PICIONS OF INVOLVEMENT IN ILLEGAL ACTIVITY.—
‘‘(1) AUTHORITY
TO
DISCLOSE
INFORMATION.—Notwith-
standing any other provision of law, any insured depository
institution, and any director, officer, employee, or agent of
such institution, may disclose in any written employment ref-
erence relating to a current or former institution-affiliated party
of such institution which is provided to another insured deposi-
tory institution in response to a request from such other institu-
tion, information concerning the possible involvement of such
institution-affiliated party in potentially unlawful activity.
‘‘(2) INFORMATION NOT REQUIRED.—Nothing in paragraph
(1) shall be construed, by itself, to create any affirmative duty
to include any information described in paragraph (1) in any
employment reference referred to in paragraph (1).
‘‘(3) MALICIOUS INTENT.—Notwithstanding any other provi-
sion of this subsection, voluntary disclosure made by an insured
depository institution, and any director, officer, employee, or
agent of such institution under this subsection concerning
potentially unlawful activity that is made with malicious intent,
shall not be shielded from liability from the person identified
in the disclosure.
‘‘(4) DEFINITION.—For purposes of this subsection, the term
‘insured depository institution’ includes any uninsured branch
or agency of a foreign bank.’’.
SEC. 356. REPORTING OF SUSPICIOUS ACTIVITIES BY SECURITIES BRO-
KERS AND DEALERS; INVESTMENT COMPANY STUDY.
(a) DEADLINE FOR SUSPICIOUS ACTIVITY REPORTING REQUIRE-
MENTS FOR REGISTERED BROKERS AND DEALERS.—The Secretary,
after consultation with the Securities and Exchange Commission
and the Board of Governors of the Federal Reserve System, shall
publish proposed regulations in the Federal Register before January
1, 2002, requiring brokers and dealers registered with the Securities
and Exchange Commission under the Securities Exchange Act of
1934 to submit suspicious activity reports under section 5318(g)
of title 31, United States Code. Such regulations shall be published
in final form not later than July 1, 2002.
(b) SUSPICIOUS
ACTIVITY
REPORTING
REQUIREMENTS
FOR
FUTURES COMMISSION MERCHANTS, COMMODITY TRADING ADVISORS,
AND COMMODITY POOL OPERATORS.—The Secretary, in consultation
with the Commodity Futures Trading Commission, may prescribe
regulations requiring futures commission merchants, commodity
trading advisors, and commodity pool operators registered under
the Commodity Exchange Act to submit suspicious activity reports
under section 5318(g) of title 31, United States Code.
(c) REPORT ON INVESTMENT COMPANIES.—
(1) IN
GENERAL.—Not later than 1 year after the date
of enactment of this Act, the Secretary, the Board of Governors
of the Federal Reserve System, and the Securities and
Exchange Commission shall jointly submit a report to the Con-
gress on recommendations for effective regulations to apply
the requirements of subchapter II of chapter 53 of title 31,
H. R. 3162—54
United States Code, to investment companies pursuant to sec-
tion 5312(a)(2)(I) of title 31, United States Code.
(2) DEFINITION.—For purposes of this subsection, the term
‘‘investment company’’—
(A) has the same meaning as in section 3 of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–3); and
(B) includes any person that, but for the exceptions
provided for in paragraph (1) or (7) of section 3(c) of the
Investment Company Act of 1940 (15 U.S.C. 80a–3(c)),
would be an investment company.
(3) ADDITIONAL RECOMMENDATIONS.—The report required
by paragraph (1) may make different recommendations for dif-
ferent types of entities covered by this subsection.
(4) BENEFICIAL OWNERSHIP OF PERSONAL HOLDING COMPA-
NIES.—The report described in paragraph (1) shall also include
recommendations as to whether the Secretary should promul-
gate regulations to treat any corporation or business or other
grantor trust whose assets are predominantly securities, bank
certificates of deposit, or other securities or investment
instruments (other than such as relate to operating subsidiaries
of such corporation or trust) and that has 5 or fewer common
shareholders or holders of beneficial or other equity interest,
as a financial institution within the meaning of that phrase
in section 5312(a)(2)(I) and whether to require such corporations
or trusts to disclose their beneficial owners when opening
accounts or initiating funds transfers at any domestic financial
institution.
SEC. 357. SPECIAL REPORT ON ADMINISTRATION OF BANK SECRECY
PROVISIONS.
(a) REPORT REQUIRED.—Not later than 6 months after the
date of enactment of this Act, the Secretary shall submit a report
to the Congress relating to the role of the Internal Revenue Service
in the administration of subchapter II of chapter 53 of title 31,
United States Code (commonly known as the ‘‘Bank Secrecy Act’’).
(b) CONTENTS.—The report required by subsection (a)—
(1) shall specifically address, and contain recommendations
concerning—
(A) whether it is advisable to shift the processing of
information reporting to the Department of the Treasury
under the Bank Secrecy Act provisions to facilities other
than those managed by the Internal Revenue Service; and
(B) whether it remains reasonable and efficient, in
light of the objective of both anti-money-laundering pro-
grams and Federal tax administration, for the Internal
Revenue Service to retain authority and responsibility for
audit and examination of the compliance of money services
businesses and gaming institutions with those Bank
Secrecy Act provisions; and
(2) shall, if the Secretary determines that the information
processing responsibility or the audit and examination responsi-
bility of the Internal Revenue Service, or both, with respect
to those Bank Secrecy Act provisions should be transferred
to other agencies, include the specific recommendations of the
Secretary regarding the agency or agencies to which any such
function should be transferred, complete with a budgetary and
resources plan for expeditiously accomplishing the transfer.
H. R. 3162—55
SEC. 358. BANK SECRECY PROVISIONS AND ACTIVITIES OF UNITED
STATES INTELLIGENCE AGENCIES TO FIGHT INTER-
NATIONAL TERRORISM.
(a) AMENDMENT RELATING TO THE PURPOSES OF CHAPTER 53
OF TITLE 31, UNITED STATES CODE.—Section 5311 of title 31, United
States Code, is amended by inserting before the period at the
end the following: ‘‘, or in the conduct of intelligence or counterintel-
ligence activities, including analysis, to protect against international
terrorism’’.
(b) AMENDMENT RELATING TO REPORTING OF SUSPICIOUS ACTIVI-
TIES.—Section 5318(g)(4)(B) of title 31, United States Code, is
amended by striking ‘‘or supervisory agency’’ and inserting ‘‘, super-
visory agency, or United States intelligence agency for use in the
conduct of intelligence or counterintelligence activities, including
analysis, to protect against international terrorism’’.
(c) AMENDMENT RELATING TO AVAILABILITY OF REPORTS.—Sec-
tion 5319 of title 31, United States Code, is amended to read
as follows:
‘‘§ 5319. Availability of reports
‘‘The Secretary of the Treasury shall make information in a
report filed under this subchapter available to an agency, including
any State financial institutions supervisory agency, United States
intelligence agency or self-regulatory organization registered with
the Securities and Exchange Commission or the Commodity Futures
Trading Commission, upon request of the head of the agency or
organization. The report shall be available for a purpose that is
consistent with this subchapter. The Secretary may only require
reports on the use of such information by any State financial
institutions supervisory agency for other than supervisory purposes
or by United States intelligence agencies. However, a report and
records of reports are exempt from disclosure under section 552
of title 5.’’.
(d) AMENDMENT RELATING
TO
THE PURPOSES
OF
THE BANK
SECRECY ACT PROVISIONS.—Section 21(a) of the Federal Deposit
Insurance Act (12 U.S.C. 1829b(a)) is amended to read as follows:
‘‘(a) CONGRESSIONAL FINDINGS
AND DECLARATION
OF PUR-
POSE.—
‘‘(1) FINDINGS.—Congress finds that—
‘‘(A) adequate records maintained by insured depository
institutions have a high degree of usefulness in criminal,
tax, and regulatory investigations or proceedings, and that,
given the threat posed to the security of the Nation on
and after the terrorist attacks against the United States
on September 11, 2001, such records may also have a
high degree of usefulness in the conduct of intelligence
or counterintelligence activities, including analysis, to pro-
tect against domestic and international terrorism; and
‘‘(B) microfilm or other reproductions and other records
made by insured depository institutions of checks, as well
as records kept by such institutions, of the identity of
persons maintaining or authorized to act with respect to
accounts therein, have been of particular value in pro-
ceedings described in subparagraph (A).
‘‘(2) PURPOSE.—It is the purpose of this section to require
the maintenance of appropriate types of records by insured
depository institutions in the United States where such records
H. R. 3162—56
have a high degree of usefulness in criminal, tax, or regulatory
investigations or proceedings, recognizes that, given the threat
posed to the security of the Nation on and after the terrorist
attacks against the United States on September 11, 2001, such
records may also have a high degree of usefulness in the
conduct 
of 
intelligence 
or 
counterintelligence 
activities,
including analysis, to protect against international terrorism.’’.
(e) AMENDMENT RELATING
TO
THE PURPOSES
OF
THE BANK
SECRECY ACT.—Section 123(a) of Public Law 91–508 (12 U.S.C.
1953(a)) is amended to read as follows:
‘‘(a) REGULATIONS.—If the Secretary determines that the
maintenance of appropriate records and procedures by any unin-
sured bank or uninsured institution, or any person engaging in
the business of carrying on in the United States any of the functions
referred to in subsection (b), has a high degree of usefulness in
criminal, tax, or regulatory investigations or proceedings, and that,
given the threat posed to the security of the Nation on and after
the terrorist attacks against the United States on September 11,
2001, such records may also have a high degree of usefulness
in the conduct of intelligence or counterintelligence activities,
including analysis, to protect against international terrorism, he
may by regulation require such bank, institution, or person.’’.
(f) AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT.—
The Right to Financial Privacy Act of 1978 is amended—
(1) in section 1112(a) (12 U.S.C. 3412(a)), by inserting
‘‘, or intelligence or counterintelligence activity, investigation
or analysis related to international terrorism’’ after ‘‘legitimate
law enforcement inquiry’’;
(2) in section 1114(a)(1) (12 U.S.C. 3414(a)(1))—
(A) in subparagraph (A), by striking ‘‘or’’ at the end;
(B) in subparagraph (B), by striking the period at
the end and inserting ‘‘; or’’; and
(C) by adding at the end the following:
‘‘(C) a Government authority authorized to conduct
investigations of, or intelligence or counterintelligence anal-
yses related to, international terrorism for the purpose
of conducting such investigations or analyses.’’; and
(3) in section 1120(a)(2) (12 U.S.C. 3420(a)(2)), by inserting
‘‘, or for a purpose authorized by section 1112(a)’’ before the
semicolon at the end.
(g) AMENDMENT TO THE FAIR CREDIT REPORTING ACT.—
(1) IN GENERAL.—The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.) is amended—
(A) by redesignating the second of the 2 sections des-
ignated as section 624 (15 U.S.C. 1681u) (relating to disclo-
sure to FBI for counterintelligence purposes) as section
625; and
(B) by adding at the end the following new section:
‘‘§ 626. 
Disclosures 
to 
governmental 
agencies 
for
counterterrorism purposes
‘‘(a) DISCLOSURE.—Notwithstanding section 604 or any other
provision of this title, a consumer reporting agency shall furnish
a consumer report of a consumer and all other information in
a consumer’s file to a government agency authorized to conduct
investigations of, or intelligence or counterintelligence activities
or analysis related to, international terrorism when presented with
H. R. 3162—57
a written certification by such government agency that such
information is necessary for the agency’s conduct or such investiga-
tion, activity or analysis.
‘‘(b) FORM OF CERTIFICATION.—The certification described in
subsection (a) shall be signed by a supervisory official designated
by the head of a Federal agency or an officer of a Federal agency
whose appointment to office is required to be made by the President,
by and with the advice and consent of the Senate.
‘‘(c) CONFIDENTIALITY.—No consumer reporting agency, or
officer, employee, or agent of such consumer reporting agency, shall
disclose to any person, or specify in any consumer report, that
a government agency has sought or obtained access to information
under subsection (a).
‘‘(d) RULE
OF CONSTRUCTION.—Nothing in section 625 shall
be construed to limit the authority of the Director of the Federal
Bureau of Investigation under this section.
‘‘(e) SAFE HARBOR.—Notwithstanding any other provision of
this title, any consumer reporting agency or agent or employee
thereof making disclosure of consumer reports or other information
pursuant to this section in good-faith reliance upon a certification
of a governmental agency pursuant to the provisions of this section
shall not be liable to any person for such disclosure under this
subchapter, the constitution of any State, or any law or regulation
of any State or any political subdivision of any State.’’.
(2) CLERICAL AMENDMENTS.—The table of sections for the
Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended—
(A) by redesignating the second of the 2 items des-
ignated as section 624 as section 625; and
(B) by inserting after the item relating to section 625
(as so redesignated) the following new item:
‘‘626. Disclosures to governmental agencies for counterterrorism purposes.’’.
(h) APPLICATION OF AMENDMENTS.—The amendments made by
this section shall apply with respect to reports filed or records
maintained on, before, or after the date of enactment of this Act.
SEC. 359. REPORTING OF SUSPICIOUS ACTIVITIES BY UNDERGROUND
BANKING SYSTEMS.
(a) DEFINITION FOR SUBCHAPTER.—Section 5312(a)(2)(R) of title
31, United States Code, is amended to read as follows:
‘‘(R) a licensed sender of money or any other person
who engages as a business in the transmission of funds,
including any person who engages as a business in an
informal money transfer system or any network of people
who engage as a business in facilitating the transfer of
money domestically or internationally outside of the
conventional financial institutions system;’’.
(b) MONEY TRANSMITTING BUSINESS.—Section 5330(d)(1)(A) of
title 31, United States Code, is amended by inserting before the
semicolon the following: ‘‘or any other person who engages as a
business in the transmission of funds, including any person who
engages as a business in an informal money transfer system or
any network of people who engage as a business in facilitating
the transfer of money domestically or internationally outside of
the conventional financial institutions system;’’.
(c) APPLICABILITY OF RULES.—Section 5318 of title 31, United
States Code, as amended by this title, is amended by adding at
the end the following: