Title: Modernizing Illicit Financial Accountability and Reporting Act
Policy area: Finance and Financial Sector

Summary:
Modernizing Illicit Financial Accountability and Reporting Act
This bill directs the Government Accountability Office to report on the effectiveness of certain anti-money-laundering laws and regulations.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6865 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6865

   To direct the Comptroller General of the United States to conduct 
                certain studies, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 24, 2018

   Mr. Kustoff of Tennessee introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To direct the Comptroller General of the United States to conduct 
                certain studies, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Modernizing Illicit Financial 
Accountability and Reporting Act''.

SEC. 2. STUDIES AND REPORTS.

    (a) Beneficial Ownership.--Not later than 2 years after the date of 
enactment of this Act, the Comptroller General of the United States 
shall conduct a study and submit to the Congress a report--
            (1) evaluating the effectiveness of the collection of 
        beneficial ownership information under the final rule of the 
        Department of the Treasury entitled ``Customer Due Diligence 
        Requirements for Financial Institutions'' (``CDD rule'') and 
        published May 11, 2016 (81 Fed. Reg. 29397), including--
                    (A) whether law enforcement agencies have had 
                timely access to the information;
                    (B) the utility of such information in law 
                enforcement investigations or prosecutions;
                    (C) an analysis of the reporting burden placed on 
                financial institutions versus the utility of such 
                information being made available to law enforcement; 
                and
                    (D) whether further legislation is required to 
                reduce regulatory burdens or increase the utility and 
                timely access of such information to law enforcement;
            (2) assessing the effectiveness of incorporation practices 
        implemented under the CDD rule.
    (b) Comprehensive Cost-Benefit Analysis.--Not later than 2 years 
after the date of enactment of this Act, the Comptroller General of the 
United States shall conduct a study and submit to the Congress a 
report--
            (1) providing a comprehensive quantitative and qualitative 
        estimate of the annualized costs to the private sector to 
        comply with the statutory and regulatory requirements of the 
        Bank Secrecy Act and related anti-money laundering laws and 
        regulations;
            (2) providing a comprehensive qualitative and quantitative 
        analysis of the effectiveness of the current anti-money 
        laundering and counter terrorist financing framework in 
        preventing, detecting, and prosecuting terrorist and illicit 
        financing;
            (3) providing a comprehensive qualitative and quantitative 
        analysis of the benefits and costs to both the private sector 
        and the Government of the private sector's compliance with the 
        statutory and regulatory requirements of the Bank Secrecy Act 
        and related anti-money laundering laws and regulations; and
            (4) examining the costs borne and effect on access to 
        financial services for consumers and customers as a result of 
        financial institutions compliance with the statutory and 
        regulatory requirements of the Bank Secrecy Act and related 
        anti-money laundering laws and regulations.

SEC. 3. DEFINITIONS.

    For purposes of this Act:
            (1) Bank secrecy act.--The term ``Bank Secrecy Act'' 
        means--
                    (A) section 21 of the Federal Deposit Insurance 
                Act;
                    (B) chapter 2 of title I of Public Law 91-508; and
                    (C) subchapter II of chapter 53 of title 31, United 
                States Code.
            (2) Financial institution.--The term ``financial 
        institution'' has the meaning given that term under section 
        5312 of title 31, United States Code.
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