Summary: S.1072 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for S.1072. Bill summaries are authored by CRS.

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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.