Summary: H.R.3235 — 103rd Congress (1993-1994)All Information (Except Text)

Bill summaries are authored by CRS.

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Passed House amended (03/21/1994)

Money Laundering Suppression Act of 1994 - Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions.

Directs the Secretary of the Treasury (the Secretary) to: (1) submit an annual status report to the Congress on the consequent reduction in the overall number of currency transaction reports; (2) streamline currency transaction reports to eliminate certain law enforcement information; and (3) assign a single designee to receive reports of suspicious transactions.

Requires each appropriate Federal banking agency to review and enhance: (1) training and examination procedures to improve the identification of money laundering schemes involving depository institutions; and (2) procedures for referring cases to appropriate law enforcement agencies.

Requires the Secretary and each appropriate law enforcement agency to provide regularly to each appropriate Federal banking agency information regarding money laundering schemes and activities involving depository institutions in order to enhance the agency's ability to examine for and identify money laundering activity.

Requires the Financial Institutions Examination Council to report to the Congress on: (1) the enhanced training, examinations, and referrals by banking agencies; and (2) the reporting of criminal schemes by law enforcement agencies.

Includes negotiable instruments drawn on foreign banks within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements.

Empowers Federal banking agencies to assess civil money penalties.

Expresses the sense of the Congress that the States should: (1) establish uniform laws for licensing and regulating businesses which, although not depository institutions, engage in currency transactions; (2) provide sufficient resources for regulatory enforcement; and (3) develop a model statute to implement the regulatory scheme. Directs the Secretary to study and report to the Congress on the States' progress towards such model statute.

Instructs the Secretary of the Treasury to study and report to the Congress on possible Federal funding sources to cover costs incurred by the States in implementing a licensing and enforcement scheme.

Sets forth Federal registration requirements for money transmitting businesses. Directs the Secretary to prescribe regulations establishing a threshold point for treating an agent of a money transmitting business as a money transmitting business. Establishes civil and criminal penalties for violation of such requirements.

Includes certain casinos and gaming establishments within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements.

Denies exemption from Federal recordkeeping and reporting requirements for monetary instruments transactions to: (1) any State or its political subdivisions; and (2) financial institutions already subject to State regulation. Revokes prior recordkeeping exemptions granted prior to the date of enactment of this Act.

Sets forth criminal and civil penalties for structuring domestic and international transactions.

Requires the Comptroller General to study and report to the Congress on cashiers' checks in association with: (1) money laundering schemes; and (2) the need for additional recordkeeping requirements.