H.R.3700 - Building Community Financial Institutions' Capacity to Combat Money Laundering Act113th Congress (2013-2014)
|Sponsor:||Rep. Hinojosa, Ruben [D-TX-15] (Introduced 12/11/2013)|
|Committees:||House - Financial Services|
|Latest Action:||House - 12/11/2013 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3700 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in House (12/11/2013)
Building Community Financial Institutions' Capacity to Combat Money Laundering Act - Establishes the BSA Compliance Fund.
Requires deposit into the Fund of: (1) 25% of all civil money penalties imposed upon domestic financial institutions for violations related to mandatory reports and recordkeeping on monetary instruments transactions, and (2) 25% of any civil fine paid by a domestic financial institution for violations of other federal law with respect to actions for which a civil money penalty is also imposed for prohibited monetary transactions.
Instructs the Secretary of the Treasury to: (1) use the Fund to make grants to community financial institutions with under $10 billion in assets to improve their compliance with statutory requirements governing reports and recordkeeping on monetary instruments transactions, and (2) give grant priority to institutions located in counties that have 20% or more of residents living below the federal poverty line.