S.1072 - A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.112th Congress (2011-2012)
|Sponsor:||Sen. Paul, Rand [R-KY] (Introduced 05/25/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/25/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.1072 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (05/25/2011)
Declares that failure by a financial institution or any of its directors, officers, employees, or agents to report a suspicious transaction is not a violation of specified monetary transaction reporting requirements if the institution or person has: (1) in effect an established decision-making process with respect to suspicious transactions, (2) made a good faith effort to follow existing policies, procedures, and processes with respect to such transactions; and (3) determined not to file a report with respect to a particular transaction.
Deems failure to submit a suspicious transaction report to be a violation of such reporting requirements if it is accompanied by evidence of bad faith on the part of either the financial institution or other person.