Title: To require the Treasury to take a more prominent role in coordinating AML/CFT policy and examinations across the Government, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill requires the Department of the Treasury's Office of Terrorism and Financial Intelligence and the Financial Crimes Enforcement Network to establish anti-money-laundering and counterterrorist-financing policy priorities. Financial institutions must incorporate these priorities into existing anti-money-laundering and counterterrorist-financing programs.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1038 Introduced in House (IH)]

<DOC>






116th CONGRESS
  1st Session
                                H. R. 1038

 To require the Treasury to take a more prominent role in coordinating 
 AML/CFT policy and examinations across the Government, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 7, 2019

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

_______________________________________________________________________

                                 A BILL


 
 To require the Treasury to take a more prominent role in coordinating 
 AML/CFT policy and examinations across the Government, 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. REQUIRING TREASURY TO TAKE A MORE PROMINENT ROLE IN 
              COORDINATING AML/CFT POLICY AND EXAMINATIONS ACROSS THE 
              GOVERNMENT.

    (a) Priorities.--Not later than nine months after the date of the 
enactment of this Act, and at least annually thereafter, the Secretary 
of the Treasury, acting through the Office of Terrorism and Financial 
Intelligence and the Financial Crimes Enforcement Network, in 
consultation with relevant Federal law enforcement, the Director of 
National Intelligence, and any other Federal departments and agencies 
that the Secretary of the Treasury determines appropriate, shall 
establish and make public its priorities for U.S. anti-money laundering 
and counter terrorist financing policy.
    (b) Supervision and Examination.--The incorporation by financial 
institutions of the priorities established pursuant to subsection (a) 
into the programs established by those financial institutions to meet 
obligations under the Bank Secrecy Act, the USA PATRIOT Act, and other 
anti-money laundering and counter terrorist financing laws and 
regulations shall form the basis on which the financial institutions 
are supervised and examined for compliance with those obligations.
    (c) Rule of Construction.--Nothing in subsection (a) may be 
construed as releasing financial institutions from the requirement to 
comply with obligations under the Bank Secrecy Act and other Federal 
laws and regulations.
    (d) Report.--Not later than nine months after the date of enactment 
of this Act, the Secretary of the Treasury (in consultation with 
Federal law enforcement agencies, the Director of National 
Intelligence, and the Federal functional regulators) 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--
            (1) an analysis of the Secretary of the Treasury's 
        delegation of examination authority under the Bank Secrecy Act, 
        including the adequacy of the Department of the Treasury's 
        resources, capacity, expertise, and ability to effectively 
        carry out the purposes of the Bank Secrecy Act;
            (2) an examination of whether the Secretary should de-
        delegate that authority with regard to certain financial 
        institutions; and
            (3) legislative, administrative, and other recommendations 
        to strengthen the Department of the Treasury's authority to 
        ensure an effective U.S. anti-money laundering and counter 
        terrorist financing regime.

SEC. 2. 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.
                                 <all>