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

Bill: 115-hr-6853
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2018-09-20
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Corporate finance and management

Department of the Treasury

Fraud offenses and financial crimes

U.S. and foreign investments

White-collar crime
Latest action: action_date: 2018-09-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-09-20
action_desc: Introduced in House
text: <p>This bill allows financial institutions to share&nbsp;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.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6853 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.

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.