H.R. 6849 — Introduced in House

I 115th CONGRESS 2d Session H. R. 6849 IN THE HOUSE OF REPRESENTATIVES September 20, 2018Mr. 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. 1. Short title This Act may be cited as the Bank Secrecy Innovation Act. 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. .