Title: Bank Secrecy Reporting Review Act
Policy area: Finance and Financial Sector

Summary:
Bank Secrecy Reporting Review Act
This bill directs the Department of Justice to annually report to the Department of the Treasury data regarding the usefulness of certain anti-money-laundering reporting requirements.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6851 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6851

To direct the Attorney General to assess the usefulness of Bank Secrecy 
                 Act reporting, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2018

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

_______________________________________________________________________

                                 A BILL


 
To direct the Attorney General to assess the usefulness of Bank Secrecy 
                 Act reporting, 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 ``Bank Secrecy Reporting Review Act''.

SEC. 2. ASSESSING THE USEFULNESS OF BANK SECRECY ACT REPORTING.

    (a) Annual Report.--Not later than one year after the date of 
enactment of this Act, and annually thereafter, the Attorney General, 
in consultation with Federal law enforcement agencies and the Director 
of National Intelligence, shall, to the extent practicable at the 
discretion of the Attorney General, provide the Secretary of the 
Treasury with statistics, metrics, and other information on the use of 
such data, including--
            (1) the extent to which such data is used for terrorism 
        versus non-terrorism related investigations and, with respect 
        to such non-terrorism related investigations, the most common 
        types of laws to which such investigations relate;
            (2) the frequency with which such data contains 
        ``actionable information'' which leads to further law 
        enforcement procedures, including the use of a subpoena, 
        warrant, or other legal process; and
            (3) information on the extent to which arrests, 
        indictments, convictions, or plea bargains of actors result 
        from the use of such data.
    (b) Use of Report Information.--The Secretary of the Treasury shall 
utilize the information reported under subsection (a)--
            (1) to help assess the usefulness of Bank Secrecy Act 
        reporting to law enforcement;
            (2) to enhance feedback and communications with financial 
        institutions and other entities subject to Bank Secrecy Act 
        requirements; and
            (3) for such other purposes as the Secretary determines 
        appropriate.

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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