Title: To amend title 31, United States Code, with respect to sharing of suspicious activity reports within a financial group, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill allows financial institutions to share suspicious-activity reports with foreign branches and affiliates unless the foreign branch or affiliate is located in a jurisdiction that (1) is subject to countermeasures imposed by the federal government, or (2) has been deemed unable to protect the privacy and confidentiality of such information.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6853 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6853

   To amend title 31, United States Code, with respect to sharing of 
  suspicious activity reports within a financial group, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2018

   Mr. Hill introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend title 31, United States Code, with respect to sharing of 
  suspicious activity reports within a financial group, 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. SHARING OF SUSPICIOUS ACTIVITY REPORTS WITHIN A FINANCIAL 
              GROUP.

    (a) In General.--
            (1) Sharing with foreign branches and affiliates.--Section 
        5318(g) of title 31, United States Code, is amended by adding 
        at the end the following:
            ``(5) Sharing with foreign branches, subsidiaries, and 
        affiliates.--
                    ``(A) In general.--Not later than 180 days after 
                the date of the enactment of this paragraph, the 
                Secretary of the Treasury shall issue rules permitting 
                any financial institution with a reporting obligation 
                under this subsection to share information on reports 
                under this subsection with the institution's foreign 
                branches, subsidiaries, and affiliates for the purposes 
                of combating illicit finance risks, notwithstanding any 
                other provision of law except subparagraph (B).
                    ``(B) Exception.--In issuing the regulations 
                required under subparagraph (A), the Secretary may not 
                permit a financial institution to share information on 
                reports under this subsection with a foreign branch, 
                subsidiary, or affiliate located in a jurisdiction 
                that--
                            ``(i) is subject to countermeasures imposed 
                        by the Federal Government; or
                            ``(ii) the Secretary has determined cannot 
                        reasonably protect the privacy and 
                        confidentiality of such information.''.
            (2) Notification prohibitions.--Section 5318(g)(2)(A) of 
        title 31, United States Code, is amended--
                    (A) in clause (i), by inserting after ``transaction 
                has been reported'' the following: ``or otherwise 
                reveal any information that would reveal that the 
                transaction has been reported, including materials 
                prepared or used by the financial institution for the 
                purpose of identifying and detecting potentially 
                suspicious activity''; and
                    (B) in clause (ii), by inserting after 
                ``transaction has been reported,'' the following: ``or 
                otherwise reveal any information that would reveal that 
                the transaction has been reported, including materials 
                prepared or used by the financial institution for the 
                purpose of identifying and detecting potentially 
                suspicious activity,''.
    (b) Rulemaking.--Not later than the end of the 180-day period 
beginning on the date of enactment of this Act, the Secretary of the 
Treasury shall issue regulations to carry out the amendments made by 
this section.
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