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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 Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. REQUIRING TREASURY TO TAKE A MORE
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PROMINENT ROLE IN COORDINATING AML/
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CFT POLICY AND EXAMINATIONS ACROSS
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THE GOVERNMENT.
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(a) PRIORITIES.—Not later than nine months after
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the date of the enactment of this Act, and at least annu-
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ally thereafter, the Secretary of the Treasury, acting
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•HR 1038 IH
through the Office of Terrorism and Financial Intelligence
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and the Financial Crimes Enforcement Network, in con-
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sultation with relevant Federal law enforcement, the Di-
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rector of National Intelligence, and any other Federal de-
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partments and agencies that the Secretary of the Treasury
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determines appropriate, shall establish and make public
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its priorities for U.S. anti-money laundering and counter
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terrorist financing policy.
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(b) SUPERVISION AND EXAMINATION.—The incorpo-
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ration by financial institutions of the priorities established
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pursuant to subsection (a) into the programs established
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by those financial institutions to meet obligations under
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the Bank Secrecy Act, the USA PATRIOT Act, and other
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anti-money laundering and counter terrorist financing
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laws and regulations shall form the basis on which the
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financial institutions are supervised and examined for
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compliance with those obligations.
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(c) RULE
OF CONSTRUCTION.—Nothing in sub-
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section (a) may be construed as releasing financial institu-
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tions from the requirement to comply with obligations
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under the Bank Secrecy Act and other Federal laws and
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regulations.
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(d) REPORT.—Not later than nine months after the
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date of enactment of this Act, the Secretary of the Treas-
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ury (in consultation with Federal law enforcement agen-
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•HR 1038 IH
cies, the Director of National Intelligence, and the Federal
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functional regulators) shall submit to the Committee on
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Financial Services of the House of Representatives and
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the Committee on Banking, Housing, and Urban Affairs
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of the Senate a report containing—
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(1) an analysis of the Secretary of the Treas-
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ury’s delegation of examination authority under the
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Bank Secrecy Act, including the adequacy of the De-
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partment of the Treasury’s resources, capacity, ex-
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pertise, and ability to effectively carry out the pur-
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poses of the Bank Secrecy Act;
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(2) an examination of whether the Secretary
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should de-delegate that authority with regard to cer-
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tain financial institutions; and
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(3) legislative, administrative, and other rec-
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ommendations to strengthen the Department of the
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Treasury’s authority to ensure an effective U.S.
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anti-money laundering and counter terrorist financ-
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ing regime.
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SEC. 2. DEFINITIONS.
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For purposes of this Act:
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(1) BANK SECRECY ACT.—The term ‘‘Bank Se-
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crecy Act’’ means—
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(A) section 21 of the Federal Deposit In-
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surance Act;
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(B) chapter 2 of title I of Public Law 91–
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508; and
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(C) subchapter II of chapter 53 of title 31,
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United States Code.
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(2) FINANCIAL
INSTITUTION.—The term ‘‘fi-
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nancial institution’’ has the meaning given that term
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under section 5312 of title 31, United States Code.
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