[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8816 Introduced in House (IH)]
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116th CONGRESS
2d Session
H. R. 8816
To amend subchapter II of chapter 53 of title 31, United States Code,
to require training for Bank Secrecy Act Federal examiners on anti-
money laundering and countering the financing of terrorism, and for
other purposes.
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IN THE HOUSE OF REPRESENTATIVES
November 24, 2020
Mr. McAdams (for himself and Mr. Gonzalez of Ohio) introduced the
following bill; which was referred to the Committee on Financial
Services, and in addition to the Committee on Ways and Means, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
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A BILL
To amend subchapter II of chapter 53 of title 31, United States Code,
to require training for Bank Secrecy Act Federal examiners on anti-
money laundering and countering the financing of terrorism, 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 ``Anti-Money Laundering Training
Improvement Act''.
SEC. 2. TRAINING FOR FEDERAL EXAMINERS.
(a) In General.--Subchapter II of chapter 53 of title 31, United
States Code, is amended by adding at the end the following:
``Sec. 5333 Training regarding anti-money laundering and countering the
financing of terrorism
``(a) Training Requirement.--Each Federal examiner reviewing
compliance with the Bank Secrecy Act shall attend appropriate annual
training, as determined by the Secretary of the Treasury, relating to
anti-money laundering activities and countering the financing of
terrorism.
``(b) Required Topics.--The training described in subsection (a)
shall address--
``(1) risk profiles and warning signs that an examiner may
encounter during examinations;
``(2) financial crime patterns and trends;
``(3) background on the risks anti-money laundering
programs and countering the financing of terrorism programs
seek to mitigate and the importance of these programs for law
enforcement and national security agencies; and
``(4) de-risking and the effect of de-risking on the
provision of financial services.
``(c) Training Materials and Standards.--The Secretary of the
Treasury shall, in consultation with the Financial Institutions
Examination Council, the Financial Crimes Enforcement Network, and
Federal, State, Tribal, and local law enforcement agencies, establish
appropriate training materials and standards for the training required
by subsection (a).
``(d) Bank Secrecy Act Defined.--For the purposes of this section,
the term `Bank Secrecy Act' means--
``(1) section 21 of the Federal Deposit Insurance Act (12
U.S.C. 1829b);
``(2) chapter 2 of title I of Public Law 91-508 (12 U.S.C.
1951 et seq.); and
``(3) this subchapter.''.
(b) Clerical Amendment.--The table of sections for chapter 53 of
title 31, United States Code, is amended by adding after the item
relating to section 5332 the following:
``5333. Training regarding anti-money laundering and countering the
financing of terrorism.''.
SEC. 3. INTERAGENCY PERSONNEL ROTATION PROGRAM.
(a) In General.--The Secretary shall not later than 180 days after
the date of the enactment of this Act establish a personnel rotation
program designed to promote greater effectiveness and efficiency in
combating money laundering, the financing of terrorism, proliferation
financing, serious tax fraud, trafficking, sanctions evasion, and other
financial crimes.
(b) Participating Agencies.--The personnel rotation program
described in subsection (a) shall rotate personnel from--
(1) any Federal functional regulator;
(2) the Department of Justice;
(3) the Federal Bureau of Investigation;
(4) the Department of Homeland Security;
(5) the Department of Defense; and
(6) other Federal agencies as the Secretary of the Treasury
determines necessary to further anti-money laundering and
countering the financing of terrorism efforts.
(c) Federal Functional Regulator Defined.--For the purposes of this
section, the term ``Federal functional regulator''--
(1) has the meaning given the term in section 509 of the
Gramm-Leach-Bliley Act (15 U.S.C. 6809); and
(2) includes any Federal regulator that examines a
financial institution for compliance with the Bank Secrecy Act.
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