S.1664 - Anti-Money Laundering Act of 1993103rd Congress (1993-1994)
|Sponsor:||Sen. Bryan, Richard H. [D-NV] (Introduced 11/17/1993)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||03/15/1994 Committee on Banking. Hearings held. Hearings printed: S.Hrg. 103-574.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.1664 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in Senate (11/17/1993)
Anti-Money Laundering Act of 1993 - 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 of little value for law enforcement purposes; and (3) assign a single designee to receive reports of suspicious transactions.
Directs the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to each establish a pilot program to test the feasibility of using their own examiners to identify money laundering schemes involving depository institutions under their purview.
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 developing a model statute.
Sets forth Federal registration requirements for money transmitting businesses. Establishes civil and criminal penalties for violation of such requirements.
Requires the Secretary 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.