Money Remittances Improvement Act of 2013

Bill: 113-hr-1694
Sponsor: full_name: Rep. Ellison, Keith [D-MN-5]
Introduced: 2013-04-24
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Bank accounts, deposits, capital

Banking and financial institutions regulation

Business records

Department of the Treasury

Federal officials

Fraud offenses and financial crimes

Intergovernmental relations

State and local government operations
Latest action: action_date: 2013-04-24
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2013-04-24
action_desc: Introduced in House
text: <p>Money Remittances Improvement Act of 2013 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of certain financial institutions, to rely upon examinations conducted by the relevant state supervisory agency if: (1) the category of financial institution is required by state law to comply with federal requirements, or (2) the state supervisory agency is authorized to ensure that the financial institution complies with such federal requirements.</p> <p>Empowers the Director of the Financial Crimes Enforcement Network (FinCen) to furnish research, analytical, and informational services to foreign regulatory agencies in the interest of detection, prevention, and prosecution of terrorism, organized crime, money laundering, and other financial crimes.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1694 IN THE HOUSE OF REPRESENTATIVES April 24, 2013 Mr. Ellison (for himself, Mr. Paulsen , and Mr. Duffy ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To allow the Secretary of the Treasury to rely on State examinations for certain financial institutions, and for other purposes.

1. Short title This Act may be cited as the Money Remittances Improvement Act of 2013 . 2. Compliance authority for certain reporting requirements (a) Compliance with reporting requirements on monetary instrument transactions Section 5318(a) of title 31, United States Code, is amended— (1) in paragraph (5), by striking and at the end; (2) by redesignating paragraph (6) as paragraph (7); and (3) by inserting after paragraph (5) the following: (6) rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that, under the laws of the State— (A) the category of financial institution is required to comply with this subchapter and regulations prescribed under this subchapter; or (B) the State supervisory agency is authorized to ensure that the category of financial institution complies with this subchapter and regulations prescribed under this subchapter; and . (b) Compliance with reporting requirements of other financial institutions Section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ) is amended— (1) by striking this title and inserting this chapter and section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ) ; and (2) by inserting at the end the following: The Secretary may rely on examinations conducted by a State supervisory agency of a category of financial institution, if the Secretary determines that under the laws of the State, the category of financial institution is required to comply with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act), or the State supervisory agency is authorized to ensure that the category of financial institution complies with this chapter and section 21 of the Federal Deposit Insurance Act (and regulations prescribed under this chapter and section 21 of the Federal Deposit Insurance Act). . (c) Consultation with State agencies In issuing rules to carry out section 5318(a)(6) of title 31, United States Code, and section 128 of Public Law 91–508 ( 12 U.S.C. 1958 ), the Secretary of the Treasury shall consult with State supervisory agencies. (d) Information sharing Section 310(b)(2)(E) of title 31, United States Code, is amended by striking Federal regulatory agencies and inserting Federal and foreign regulatory agencies .