,i  #aaeth ,,congress  #b;d ,session    
,h4 ,r4 #fhfe  ,,in ,,the ,,house ,,of  
,,representatives  ,september #bd1      
#bjah,mr4 ,kustoff of ,tennessee        
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
direct the ,comptroller ,general of the 
,united ,states to conduct certain      
studies1 and for other purposes4  #a4   
,short title ,this ,act may be cited as 
the ,modernizing ,illicit ,financial    
,accountability and ,reporting ,act4    
#b4 ,studies and reports  7a7           
,beneficial ownership ,not later than #b
 years after the date of enactment of   
this ,act1 the ,comptroller ,general of 
the ,united ,states shall conduct a     
study and submit to the ,congress a     
report--  7#a7 evaluating the           
effectiveness of the collection of      
beneficial ownership information under  
the final rule of the ,department of the
 ,treasury entitled ,customer ,due      
,diligence ,requirements for ,financial 

,institutions 7,,cdd rule7 and published
 ,may #aa1 #bjaf 7#ha ,fed4 ,reg4       
#bicig71 including--  7,a7 whether law  
enforcement agencies have had timely    
access to the information2  7,b7 the    
utility of such information in law      
enforcement investigations or           
prosecutions2  7,c7 an analysis of the  
reporting burden placed on financial    
institutions versus the utility of such 
information being made available to law 
enforcement2 and  7,d7 whether further  
legislation is required to reduce       
regulatory burdens or increase the      
utility and timely access of such       
information to law enforcement2  7#b7   
assessing the effectiveness of          
incorporation practices implemented     
under the ,,cdd rule4  7b7              
,comprehensive cost-,benefit analysis   
,not later than #b years after the date 
of enactment of this ,act1 the          
,comptroller ,general of the ,united    
,states shall conduct a study and submit
 to the ,congress a report--  7#a7      

providing a comprehensive quantitative  
and qualitative estimate of the         
annualized costs to the private sector  
to comply with the statutory and        
regulatory requirements of the ,bank    
,secrecy ,act and related anti-money    
laundering laws and regulations2  7#b7  
providing a comprehensive qualitative   
and quantitative analysis of the        
effectiveness of the current anti-money 
laundering and counter terrorist        
financing framework in preventing1      
detecting1 and prosecuting terrorist and
 illicit financing2  7#c7 providing a   
comprehensive qualitative and           
quantitative analysis of the benefits   
and costs to both the private sector and
 the ,government of the private sector's
 compliance with the statutory and      
regulatory requirements of the ,bank    
,secrecy ,act and related anti-money    
laundering laws and regulations2 and    
7#d7 examining the costs borne and      
effect on access to financial services  
for consumers and customers as a result 

of financial institutions compliance    
with the statutory and regulatory       
requirements of the ,bank ,secrecy ,act 
and related anti-money laundering laws  
and regulations4  #c4 ,definitions ,for 
purposes of this ,act3 7#a7 ,bank       
,secrecy ,act ,the term ,bank ,secrecy  
,act means--  7,a7 section #ba of the   
,federal ,deposit ,insurance ,act2  7,b7
 chapter #b of title ,i of ,public ,law 
#ia-ejh2 and  7,c7 subchapter ,,ii of   
chapter #ec of title #ca1 ,united       
,states ,code4  7#b7 ,financial         
institution ,the term financial         
institution has the meaning given that  
term under section #ecab of title #ca1  
,united ,states ,code4