Text: H.R.6849 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (09/20/2018)


115th CONGRESS
2d Session
H. R. 6849


To amend title 31, United States Code, to encourage the use of technological innovations, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES

September 20, 2018

Mr. Budd introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend title 31, United States Code, to encourage the use of technological innovations, 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. Short title.

This Act may be cited as the “Bank Secrecy Innovation Act”.

SEC. 2. Encouraging the use of technological innovations.

Section 5318(h) of title 31, United States Code, is amended by adding at the end the following:

“(4) ENCOURAGING THE USE OF TECHNOLOGICAL INNOVATIONS.—

“(A) IN GENERAL.—The Secretary of the Treasury shall, in carrying out this subsection, encourage but not require the use of technological innovations that improve anti-money laundering programs described under paragraph (1).

“(B) SAFE HARBOR.—An anti-money laundering program that meets the minimum requirements described under paragraph (1) and any minimum standards issued pursuant to paragraph (2), shall not violate the requirements of this subsection by reason of any technological innovation used to carry out such program.

“(C) RULE OF CONSTRUCTION.—Nothing in subparagraph (A) may be construed as releasing financial institutions from the requirement to comply with existing obligations under the Bank Secrecy Act and other Federal laws and regulations.”.