H.R.2514 - Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Cleaver, Emanuel [D-MO-5] (Introduced 05/03/2019)|
|Committees:||House - Financial Services; Ways and Means | Senate - Banking, Housing, and Urban Affairs|
|Committee Meetings:||05/08/19 2:00PM|
|Committee Reports:||H. Rept. 116-245|
|Latest Action:||Senate - 10/29/2019 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2514 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/03/2019)
Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019
This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.
Among other things, the bill
- establishes new offices within financial regulatory agencies related to privacy and civil liberties;
- creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
- allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
- revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN).
The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities and art dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.