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

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Introduced in Senate (05/25/2011)

 
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1072 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1072

    To provide for a good faith exemption from suspicious activity 
            reporting requirements, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 25, 2011

   Mr. Paul introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To provide for a good faith exemption from suspicious activity 
            reporting requirements, 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. SUSPICIOUS ACTIVITY REPORTS.

    Section 5318(g) of title 31, United States Code, is amended--
            (1) in paragraph (1), by inserting before the period at the 
        end the following: ``, except as provided in paragraph (5)''; 
        and
            (2) by adding at the end the following:
            ``(5) Exemption.--
                    ``(A) In general.--A failure to submit a report 
                with respect to a suspicious transaction shall not be a 
                violation of this subsection with respect to a 
                financial institution or any person described in 
                paragraph (1), in any case in which such financial 
                institution or person--
                            ``(i) has in effect an established 
                        decision-making process with respect to 
                        suspicious transactions;
                            ``(ii) has made a good faith effort to 
                        follow existing policies, procedures, and 
                        processes with respect to suspicious 
                        transactions; and
                            ``(iii) has determined not to file a report 
                        with respect to a particular transaction.
                    ``(B) Exception.--The exemption provided under 
                subparagraph (A) does not apply in any case in which 
                the failure to submit a suspicious transaction report 
                is accompanied by evidence of bad faith on the part of 
                the financial institution or other person described in 
                paragraph (1).''.
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