#aaf? ,,congress #a/ ,session ,h4 ,r4 #beac ,,an ,,act ,to ensure t p]sons :o =m corporations or limit$ liability companies 9 ! ,unit$ ,/ates disclose ! b5eficial own]s ( ^? corporations or limit$ liability companies1 9 ord] to prev5t wrongdo]s f exploit+ ,unit$ ,/ates corporations & limit$ liability companies = crim9al ga91 to assi/ law en=cem5t 9 detect+1 prev5t+1 & puni%+ t]rorism1 money laund]+1 & o!r misconduct involv+ ,unit$ ,/ates corporations & limit$ liability companies1 & = o!r purposes4 ,a ,corporate ,transp>5cy ,act ( #bjai #a4 ,%ort title 7a7 ,9 g5]al ,?is ,act may be cit$ z ! ,corporate ,transp>5cy ,act ( #bjai4 7b7 ,ref]5ces to ?is ,act ,9 ?is division-- 7#a7 any ref]5ce to ?is ,act %all be deem$ a ref]5ce to ?is division2 & 7#b7 except z o!rwise expressly provid$1 any ref]5ce to a section or o!r provision %all be deem$ a ref]5ce to t section or o!r provision ( ?is division4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,ne>ly #b1jjj1jjj corporations & limit$ liability companies are be+ =m$ "u ! laws ( ! ,/ates ea* ye>4 7#b7 ,v few ,/ates require in=mation ab\t ! b5eficial own]s ( ! corporations & limit$ liability companies =m$ "u _! laws4 7#c7 ,a p]son =m+ a corporation or limit$ liability company )9 ! ,unit$ ,/ates typically provides less in=mation at ! "t ( incorporation ?an is ne$$ to obta9 a bank acc\nt or driv]'s lic5se & typically does n "n a s+le b5eficial own]4 7#d7 ,crim9als h exploit$ ,/ate =mation proc$ures to conceal _! id5tities :5 =m+ corporations or limit$ liability companies 9 ! ,unit$ ,/ates1 & h !n us$ ! newly creat$ entities to commit crimes affect+ int]/ate & int]national comm]ce su* z t]rorism1 prolif]ation f9anc+1 drug & human traffick+1 money laund]+1 tax evasion1 c\nt]feit+1 piracy1 securities fraud1 f9ancial fraud1 & acts ( =eign corruption4 7#e7 ,law en=cem5t ef=ts to inve/igate corporations & limit$ liability companies suspect$ ( committ+ crimes h be5 imp$$ by ! lack ( available b5eficial own]%ip in=mation1 z docum5t$ 9 reports & te/imony by (ficials f ! ,dep>tm5t ( ,ju/ice1 ! ,dep>tm5t ( ,homel& ,security1 ! ,dep>tm5t ( ! ,treasury1 & ! ,gov]nm5t ,acc\ntability ,(fice1 & o!rs4 7#f7 ,9 ,july #bjjf1 ! lead+ int]national antimoney laund]+ /&>d-sett+ body1 ! ,f9ancial ,action ,task ,=ce on ,money ,laund]+ 79 ?is section ref]r$ to z ! ,,fatf71 ( :i* ! ,unit$ ,/ates is a memb]1 issu$ a report t criticizes ! ,unit$ ,/ates = fail+ to comply ) a ,,fatf /&>d on ! ne$ to collect b5eficial own]%ip in=mation & urg$ ! ,unit$ ,/ates to correct ?is defici5cy by ,july #bjjh4 ,9 ,decemb] #bjaf1 ,,fatf issu$ ano!r evaluation ( ! ,unit$ ,/ates1 :i* f\nd t little progress has be5 made ov] ! la/ t5 ye>s to address ?is problem4 ,x id5tifi$ ! lack ( timely access to adequate1 accurate & curr5t b5eficial own]%ip in=mation z a fundam5tal gap 9 ,unit$ ,/ates ef=ts to combat money laund]+ & t]rori/ f9ance4 7#g7 ,9 response to ! #bjjf ,,fatf report1 ! ,unit$ ,/ates has urg$ ! ,/ates to obta9 b5eficial own]%ip in=mation = ! corporations & limit$ liability companies =m$ "u ! laws ( su* ,/ates4 7#h7 ,9 contra/ to practices 9 ! ,unit$ ,/ates1 all #bh c\ntries 9 ! ,european ,union are requir$ to h corporate regi/ries t include b5eficial own]%ip in=mation4 7#i7 ,to r$uce ! vuln]ability ( ! ,unit$ ,/ates to wrongdo+ by ,unit$ ,/ates corporations & limit$ liability companies ) hidd5 own]s1 to protect int]/ate & int]national comm]ce f crim9als misus+ ,unit$ ,/ates corporations & limit$ liability companies1 to /r5g!n law en=cem5t inve/igations ( suspect corporations & limit$ liability companies1 to set a cle>1 univ]sal /&>d = ,/ate incorporation practices1 & to br+ ! ,unit$ ,/ates into compliance ) int]national anti-money laund]+ /&>ds1 ,f$]al legislation is ne$$ to require ! collection ( b5eficial own]%ip in=mation = ! corporations & limit$ liability companies =m$ "u ! laws ( su* ,/ates4 #c4 ,transp>5t incorporation practices 7a7 ,9 g5]al 7#a7 ,am5dm5t to ! ,bank ,secrecy ,act ,*apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] section #eccb ! foll[+ new section3 #eccc ,transp>5t incorporation practices 7a7 ,report+ requirem5ts 7#a7 ,b5eficial own]%ip report+ 7,a7 ,9 g5]al ,ea* applicant to =m a corporation or limit$ liability company "u ! laws ( a ,/ate or ,indian ,tribe %all file a report ) ,fin,c,e,n conta9+ a li/ ( ! b5eficial own]s ( ! corporation or limit$ liability company t-- 7i7 except z provid$ 9 p>agraphs 7#c7 & 7#d71 & subject to p>agraph 7#b71 id5tifies ea* b5eficial own] by-- 7,i7 full legal "n2 7,,ii7 date ( bir?2 7,,iii7 curr5t resid5tial or bus9ess /reet address2 & 7,,iv7 a unique id5tify+ numb] f a non-expir$ passport issu$ by ! ,unit$ ,/ates1 a non-expir$ p]sonal id5tification c>d1 or a non-expir$ driv]'s lic5se issu$ by a ,/ate2 & 7ii7 if ! applicant is n a b5eficial own]1 also provides ! id5tification in=mation describ$ 9 clause 7i7 relat+ to su* applicant4 7,b7 ,updat$ in=mation ,ea* corporation or limit$ liability company =m$ "u ! laws ( a ,/ate or ,indian ,tribe %all-- 7i7 submit to ,fin,c,e,n an annual fil+ conta9+ a li/ (-- 7,i7 ! curr5t b5eficial own]s ( ! corporation or limit$ liability company & ! in=mation describ$ 9 subp>agraph 7,a7 = ea* su* b5eficial own]2 & 7,,ii7 any *anges 9 ! b5eficial own]s ( ! corporation or limit$ liability company dur+ ! previ\s ye>2 & 7ii7 pursuant to any rule issu$ by ! ,secret>y ( ! ,treasury "u subp>agraph 7,c71 update ! li/ ( ! b5eficial own]s ( ! corporation or limit$ liability company )9 ! "t p]iod prescrib$ by su* rule4 7,c7 ,rulemak+ on updat+ in=mation ,n lat] ?an #i mon?s aft] ! completion ( ! /udy requir$ "u section #d7;a77#a7 ( ! ,corporate ,transp>5cy ,act ( #bjai1 ! ,secret>y ( ! ,treasury %all consid] ! f9d+s ( su* /udy &1 if ! ,secret>y det]m9es x to be necess>y or appropriate1 issue a rule requir+ corporations & limit$ liability companies to update ! li/ ( ! b5eficial own]s ( ! corporation or limit$ liability company )9 a specifi$ am\nt ( "t aft] ! date ( any *ange 9 ! li/ ( b5eficial own]s or ! in=mation requir$ to be provid$ relat+ to ea* b5eficial own]4 7,d7 ,/ate notification ,ea* ,/ate 9 :i* a corporation or limit$ liability company is be+ =m$ %all notify ea* applicant ( ! requirem5ts li/$ 9 subp>agraphs 7,a7 & 7,b74 7#b7 ,c]ta9 b5eficial own]s ,if an applicant to =m a corporation or limit$ liability company or a b5eficial own]1 or simil> ag5t ( a corporation or limit$ liability company :o is requir$ to provide id5tification in=mation "u ?is subsection1 does n h a nonexpir$ passport issu$ by ! ,unit$ ,/ates1 a nonexpir$ p]sonal id5tification c>d1 or a non-expir$ driv]'s lic5se issu$ by a ,/ate1 ea* su* p]son %all provide to ,fin,c,e,n ! full legal "n1 curr5t resid5tial or bus9ess /reet address1 a unique id5tify+ numb] f a non-expir$ passport issu$ by a =eign gov]nm5t1 & a legible & cr$ible copy ( ! pages ( a non-expir$ passport issu$ by ! gov]nm5t ( a =eign c\ntry be>+ a photograph1 date ( bir?1 & unique id5tify+ in=mation = ea* b5eficial own]1 & ea* application describ$ 9 p>agraph 7#a77;,a7 & ea* update describ$ 9 p>agraph 7#a77;,b7 %all include a writt5 c]tification by a p]son resid+ 9 ! ,/ate or ,indian c\ntry "u ! jurisdiction ( ! ,indian ,tribe =m+ ! entity t ! applicant1 corporation1 or limit$ liability company-- 7,a7 has obta9$ = ea* su* b5eficial own]1 a curr5t resid5tial or bus9ess /reet address & a legible & cr$ible copy ( ! pages ( a non-expir$ passport issu$ by ! gov]nm5t ( a =eign c\ntry be>+ a photograph1 date ( bir?1 & unique id5tify+ in=mation = ! p]son2 7,b7 has v]ifi$ ! full legal "n1 address1 & id5tity ( ea* su* p]son2 7,c7 w provide ! in=mation describ$ 9 subp>agraph 7,a7 & ! pro( ( v]ification describ$ 9 subp>agraph 7,b7 ^u reque/ ( ,fin,c,e,n2 & 7,d7 w reta9 ! in=mation & pro( ( v]ification "u ?is p>agraph until ! end ( ! #e-ye> p]iod beg9n+ on ! date t ! corporation or limit$ liability company t]m9ates "u ! laws ( ! ,/ate or ,indian ,tribe4 7#c7 ,exempt entities 7,a7 ,9 g5]al ,) respect to an applicant to =m a corporation or limit$ liability company "u ! laws ( a ,/ate or ,indian ,tribe1 if su* entity is describ$ 9 subp>agraph 7,c7 or 7,d7 ( subsection 7d77#d7 & w be exempt f ! b5eficial own]%ip disclosure requirem5ts "u ?is subsection1 su* applicant1 or a prospective (fic]1 director1 or simil> ag5t ( ! applicant1 %all file a writt5 c]tification ) ,fin,c,e,n-- 7i7 id5tify+ ! specific provision ( subsection 7d77#d7 "u :i* ! entity propos$ to be =m$ w\ld be exempt f ! b5eficial own]%ip disclosure requirem5ts "u p>agraphs 7#a7 & 7#b72 7ii7 /at+ t ! entity propos$ to be =m$ meets ! requirem5ts = an entity describ$ "u su* provision ( subsection 7d77#d72 & 7iii7 provid+ id5tification in=mation = ! applicant or prospective (fic]1 director1 or simil> ag5t mak+ ! c]tification 9 ! same mann] z provid$ "u p>agraph 7#a7 or 7#b74 7,b7 ,exi/+ corporations or limit$ liability companies ,on & aft] ! date t is #b ye>s aft] ! f9al regulations are issu$ to c>ry out ?is section1 a corporation or limit$ liability company =m$ "u ! laws ( ! ,/ate or ,indian ,tribe be=e su* date %all be subject to ! requirem5ts ( ?is subsection unless an (fic]1 director1 or simil> ag5t ( ! entity submits to ,fin,c,e,n a writt5 c]tification-- 7i7 id5tify+ ! specific provision ( subsection 7d77#d7 "u :i* ! entity is exempt f ! requirem5ts "u p>agraphs 7#a7 & 7#b72 7ii7 /at+ t ! entity meets ! requirem5ts = an entity describ$ "u su* provision ( subsection 7d77#d72 & 7iii7 provid+ id5tification in=mation = ! (fic]1 director1 or simil> ag5t mak+ ! c]tification 9 ! same mann] z provid$ "u p>agraph 7#a7 or 7#b74 7,c7 ,exempt entities hav+ own]%ip int]e/ ,if an entity describ$ 9 subp>agraph 7,c7 or 7,d7 ( subsection 7d77#d7 has or w h an own]%ip int]e/ 9 a corporation or limit$ liability company =m$ or to be =m$ "u ! laws ( a ,/ate or ,indian ,tribe1 ! applicant1 corporation1 or limit$ liability company 9 :i* ! entity has or w h ! own]%ip int]e/ %all provide ! in=mation requir$ "u ?is subsection relat+ to ! entity1 except t ! entity %all n be requir$ to provide in=mation reg>d+ any natural p]son :o has an own]%ip int]e/ 91 ex]cises sub/antial control ov]1 or receives sub/antial economic b5efits f ! entity4 7#d7 ,fin,c,e,n ,,id numb]s 7,a7 ,issuance ( ,fin,c,e,n ,,id numb] 7i7 ,9 g5]al ,fin,c,e,n %all issue a ,fin,c,e,n ,,id numb] to any individual :o reque/s su* a numb] & provides ,fin,c,e,n ) ! in=mation describ$ "u subclauses 7,i7 ?r\gh 7,,iv7 ( p>agraph 7#a77;,a77i74 7ii7 ,updat+ ( in=mation ,an individual ) a ,fin,c,e,n ,,id numb] %all submit an annual fil+ ) ,fin,c,e,n updat+ any in=mation describ$ "u subclauses 7,i7 ?r\gh 7,,iv7 ( p>agraph 7#a77;,a77i74 7,b7 ,use ( ,fin,c,e,n ,,id numb] 9 report+ requirem5ts ,any p]son requir$ to report ! in=mation describ$ "u p>agraph 7#a77;,a77i7 ) respect to an individual may in/ead report ! ,fin,c,e,n ,,id numb] ( ! individual4 7,c7 ,treatm5t ( in=mation submitt$ = ,fin,c,e,n ,,id numb] ,= purposes ( ?is section1 any in=mation submitt$ "u subp>agraph 7,a7 %all be deem$ to be b5eficial own]%ip in=mation4 7#e7 ,ret5tion & disclosure ( b5eficial own]%ip in=mation by ,fin,c,e,n 7,a7 ,ret5tion ( in=mation ,b5eficial own]%ip in=mation relat+ to ea* corporation or limit$ liability company =m$ "u ! laws ( ! ,/ate or ,indian ,tribe %all be ma9ta9$ by ,fin,c,e,n until ! end ( ! #e-ye> p]iod 7or su* o!r p]iod ( "t z ! ,secret>y ( ! ,treasury may1 by rule1 det]m9e7 beg9n+ on ! date t ! corporation or limit$ liability company t]m9ates4 7,b7 ,disclosure ( in=mation ,b5eficial own]%ip in=mation report$ to ,fin,c,e,n pursuant to ?is section %all be provid$ by ,fin,c,e,n only ^u receipt (-- 7i7 subject to subp>agraph 7,c71 a reque/1 ?r\gh appropriate protocols1 by a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy2 7ii7 a reque/ made by a ,f$]al ag5cy on behalf ( a law en=cem5t ag5cy ( ano!r c\ntry "u an int]national treaty1 agreem5t1 or conv5tion1 or an ord] "u section #ceab ( title #ah or section #aghb ( title #bh2 or 7iii7 a reque/ made by a f9ancial in/itution1 ) cu/om] cons5t1 z "p ( ! in/itution's compliance ) due dilig5ce requirem5ts impos$ "u ! ,bank ,secrecy ,act1 ! ,,usa ,,patriot ,act1 or o!r applicable ,f$]al1 ,/ate1 or ,tribal law4 7,c7 ,appropriate protocols 7i7 ,privacy ,! protocols describ$ 9 subp>agraph 7,b77i7 %all-- 7,i7 protect ! privacy ( any b5eficial own]%ip in=mation provid$ by ,fin,c,e,n to a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy2 7,,ii7 ensure t a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy reque/+ b5eficial own]%ip in=mation has an exi/+ inve/igatory basis = reque/+ su* in=mation2 7,,iii7 ensure t access to b5eficial own]%ip in=mation is limit$ to au?oriz$ us]s at a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy :o h und]gone appropriate tra9+1 & refre%] tra9+ no less ?an e two ye>s1 & t ! id5tity ( su* au?oriz$ us]s is v]ifi$ ?r\gh appropriate me*anisms1 su* z two-factor au!ntication2 7,,iv7 include an audit trail ( reque/s = b5eficial own]%ip in=mation by a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy1 includ+1 z necess>y1 in=mation conc]n+ qu]ies made by au?oriz$ us]s at a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy2 7,v7 require t e local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy t receives b5eficial own]%ip in=mation f ,fin,c,e,n conducts an annual audit to v]ify t ! b5eficial own]%ip in=mation receiv$ f ,fin,c,e,n has be5 access$ & us$ appropriately1 & consi/5t ) ?is p>agraph2 & 7,,vi7 require ,fin,c,e,n to conduct an annual audit ( e local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy t has receiv$ b5eficial own]%ip in=mation to ensure t su* ag5cy has reque/$ b5eficial own]%ip in=mation1 & has us$ any b5eficial own]%ip in=mation receiv$ f ,fin,c,e,n1 appropriately1 & consi/5t ) ?is p>agraph4 7ii7 ,limitation on use ,b5eficial own]%ip in=mation provid$ to a local1 ,tribal1 ,/ate1 or ,f$]al law en=cem5t ag5cy "u ?is p>agraph may only be us$ = law en=cem5t1 national security1 or intellig5ce purposes4 7,d7 ,access proc$ures ,fin,c,e,n %all e/abli% /r+5t proc$ures = ! protection & prop] use ( b5eficial own]%ip in=mation disclos$ pursuant to subp>agraph 7,b71 includ+ proc$ures to ensure su* in=mation is n be+ inappropriately access$ or misus$ by law en=cem5t ag5cies4 7,e7 ,report to ,congress ,fin,c,e,n %all issue an annual report to ,congress /at+-- 7i7 ! numb] ( times law en=cem5t ag5cies & f9ancial in/itutions h access$ b5eficial own]%ip in=mation pursuant to subp>agraph 7,b72 7ii7 ! numb] ( times b5eficial own]%ip in=mation report$ to ,fin,c,e,n pursuant to ?is section 0 inappropriately access$1 & by :om2 & 7iii7 ! numb] ( times b5eficial own]%ip in=mation 0 disclos$ "u subp>agraph 7,b7 pursuant to a subpo5a4 7,f7 ,disclosure ( non-,,pii data ,not)/&+ subp>agraph 7,b71 ,fin,c,e,n may issue guidance & o!rwise make mat]ials available to f9ancial in/itutions & ! public us+ b5eficial own]%ip in=mation report$ pursuant to ?is section if su* in=mation is aggregat$ 9 a mann] t removes all p]sonally id5tifiable in=mation4 ,= purposes ( ?is subp>agraph1 p]sonally id5tifiable in=mation includes in=mation t w\ld all[ = ! id5tification ( a p>ticul> corporation or limit$ liability company4 7b7 ,no be>] %>e corporations or limit$ liability companies ,a corporation or limit$ liability company =m$ "u ! laws ( a ,/ate or ,indian ,tribe may n issue a c]tificate 9 be>] =m evid5c+ ei!r a :ole or fractional int]e/ 9 ! corporation or limit$ liability company4 7c7 ,p5alties 7#a7 ,9 g5]al ,x %all be unlawful = any p]son to affect int]/ate or =eign comm]ce by-- 7,a7 kn[+ly provid+1 or attempt+ to provide1 false or fraudul5t b5eficial own]%ip in=mation1 includ+ a false or fraudul5t id5tify+ photograph1 to ,fin,c,e,n 9 accordance ) ?is section2 7,b7 willfully fail+ to provide complete or updat$ b5eficial own]%ip in=mation to ,fin,c,e,n 9 accordance ) ?is section2 or 7,c7 kn[+ly disclos+ ! exi/5ce ( a subpo5a or o!r reque/ = b5eficial own]%ip in=mation report$ pursuant to ?is section1 except-- 7i7 to ! ext5t necess>y to fulfill ! au?oriz$ reque/2 or 7ii7 z au?oriz$ by ! entity t issu$ ! subpo5a1 or o!r reque/4 7#b7 ,civil & crim9al p5alties ,any p]son :o violates p>agraph 7#a7-- 7,a7 %all be liable to ! ,unit$ ,/ates = a civil p5alty ( n m ?an #aj1jjj2 & 7,b7 may be f9$ "u title #ah1 ,unit$ ,/ates ,code1 imprison$ = n m ?an #c ye>s1 or bo?4 7#c7 ,limitation ,any p]son :o neglig5tly violates p>agraph 7#a7 %all n be subject to civil or crim9al p5alties "u p>agraph 7#b74 7#d7 ,waiv] ,! ,secret>y ( ! ,treasury may waive ! p5alty = violat+ p>agraph 7#a7 if ! ,secret>y det]m9es t ! violation 0 due to reasonable cause & 0 n due to willful neglect4 7#e7 ,crim9al p5alty = ! misuse or unau?oriz$ disclosure ( b5eficial own]%ip in=mation ,! crim9al p5alties provid$ = "u section #ecbb %all apply to a violation ( ?is section to ! same ext5t z su* crim9al p5alties apply to a violation describ$ 9 section #ecbb1 if ! violation ( ?is section consi/s ( ! misuse or unau?oriz$ disclosure ( b5eficial own]%ip in=mation4 7d7 ,def9itions ,= ! purposes ( ?is section3 7#a7 ,applicant ,! t]m applicant means any natural p]son :o files an application to =m a corporation or limit$ liability company "u ! laws ( a ,/ate or ,indian ,tribe4 7#b7 ,bank ,secrecy ,act ,! t]m ,bank ,secrecy ,act means-- 7,a7 section #ba ( ! ,f$]al ,deposit ,insurance ,act2 7,b7 *apt] #b ( title ,i ( ,public ,law #ia-ejh2 & 7,c7 ?is sub*apt]4 7#c7 ,b5eficial own] 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! t]m b5eficial own] means a natural p]son :o1 directly or indirectly1 ?r\gh any contract1 arrangem5t1 und]/&+1 relation%ip1 or o!rwise-- 7i7 ex]cises sub/antial control ov] a corporation or limit$ liability company2 7ii7 owns #be p]c5t or m ( ! equity int]e/s ( a corporation or limit$ liability company2 or 7iii7 receives sub/antial economic b5efits f ! assets ( a corporation or limit$ liability company4 7,b7 ,exceptions ,! t]m b5eficial own] %all n include-- 7i7 a m9or *ild1 z def9$ 9 ! ,/ate or ,indian ,tribe 9 :i* ! entity is =m$2 7ii7 a p]son act+ z a nom9ee1 int]m$i>y1 cu/odian1 or ag5t on behalf ( ano!r p]son2 7iii7 a p]son act+ solely z an employee ( a corporation or limit$ liability company & ^: control ov] or economic b5efits f ! corporation or limit$ liability company d]ives solely f ! employm5t /atus ( ! p]son2 7iv7 a p]son ^: only int]e/ 9 a corporation or limit$ liability company is ?r\gh a "r ( inh]itance2 or 7v7 a cr$itor ( a corporation or limit$ liability company1 unless ! cr$itor also meets ! requirem5ts ( subp>agraph 7,a74 7,c7 ,sub/antial economic b5efits def9$ 7i7 ,9 g5]al ,= purposes ( subp>agraph 7,a77ii71 a natural p]son receives sub/antial economic b5efits f ! assets ( a corporation or limit$ liability company if ! p]son has an entitlem5t to m ?an a specifi$ p]c5tage ( ! funds or assets ( ! corporation or limit$ liability company1 :i* ! ,secret>y ( ! ,treasury %all1 by rule1 e/abli%4 7ii7 ,rulemak+ crit]ia ,9 e/abli%+ ! p]c5tage "u clause 7i71 ! ,secret>y ( ! ,treasury %all seek to-- 7,i7 provide cl>ity to corporations & limit$ liability companies ) respect to ! id5tification & disclosure ( a natural p]son :o receives sub/antial economic b5efits f ! assets ( a corporation or limit$ liability company2 & 7,,ii7 id5tify ^? natural p]sons :o1 z a result ( ! sub/antial economic b5efits !y receive f ! assets ( a corporation or limit$ liability company1 ex]cise a dom9ant influ5ce ov] su* corporation or limit$ liability company4 7#d7 ,corporation2 limit$ liability company ,! t]ms corporation & limit$ liability company-- 7,a7 h ! mean+s giv5 su* t]ms "u ! laws ( ! applicable ,/ate or ,indian ,tribe2 7,b7 include any non-,unit$ ,/ates entity eligible = regi/ration or regi/]$ to d bus9ess z a corporation or limit$ liability company "u ! laws ( ! applicable ,/ate or ,indian ,tribe2 7,c7 d n include any entity t is-- 7i7 a bus9ess conc]n t is an issu] ( a class ( securities regi/]$ "u section #ab ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gha7 or t is requir$ to file reports "u section #ae7;d7 ( t ,act 7#ae ,u4,s4,c4 #gho7d772 7ii7 a bus9ess conc]n con/itut$1 sponsor$1 or *>t]$ by a ,/ate or ,indian ,tribe1 a political subdivision ( a ,/ate or ,indian ,tribe1 "u an int]/ate compact betwe5 two or m ,/ates1 by a dep>tm5t or ag5cy ( ! ,unit$ ,/ates1 or "u ! laws ( ! ,unit$ ,/ates2 7iii7 a depository in/itution 7z def9$ 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac772 7iv7 a cr$it union 7z def9$ 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb772 7v7 a bank hold+ company 7z def9$ 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda77 or a sav+s & loan hold+ company 7z def9$ 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a772 7vi7 a brok] or deal] 7z def9$ 9 section #c ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c77 t is regi/]$ "u section #ae ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho72 7vii7 an ex*ange or cle>+ ag5cy 7z def9$ 9 section #c ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c77 t is regi/]$ "u section #f or #ag;,a ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f & #ghq-#a72 7viii7 an inve/m5t company 7z def9$ 9 section #c ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c77 or an inve/m5t advis] 7z def9$ 9 section #bjb7aa7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7aa7771 if ! company or advis] is regi/]$ ) ! ,securities & ,ex*ange ,commission1 has fil$ an application = regi/ration :i* has n be5 d5i$1 "u ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47 or ! ,inve/m5t ,advis] ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq471 or is an inve/m5t advis] describ$ "u section #bjc7l7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7l772 7ix7 an insurance company 7z def9$ 9 section #b ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b772 7x7 a regi/]$ entity 7z def9$ 9 section #a;a ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a771 or a futures commission m]*ant1 introduc+ brok]1 commodity pool op]ator1 or commodity trad+ advisor 7z def9$ 9 section #a;a ( ! ,commodity ,ex*ange ,act 7#g ,u4,s4,c4 #a;a77 t is regi/]$ ) ! ,commodity ,futures ,trad+ ,commission2 7xi7 a public acc\nt+ firm regi/]$ 9 accordance ) section #ajb ( ! ,s>banes-,oxley ,act 7#ae ,u4,s4,c4 #gbab7 or an entity controll+1 controll$ by1 or "u common control ( su* a firm2 7xii7 a public utility t provides telecommunications s]vice1 electrical p[]1 natural gas1 or wat] & sew] s]vices1 )9 ! ,unit$ ,/ates2 7xiii7 a *ur*1 *>ity1 nonpr(it entity1 or o!r organization t is describ$ 9 section #eja7;c71 #ebg1 or #didg7;a77#a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 t has n be5 d5i$ tax exempt /atus1 & t has fil$ ! mo/ rec5tly due annual in=mation return ) ! ,int]nal ,rev5ue ,s]vice1 if requir$ to file su* a return2 7xiv7 a f9ancial m>ket utility designat$ by ! ,f9ancial ,/ability ,ov]sight ,c\ncil "u section #hjd ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act2 7xv7 an insurance produc] 7z def9$ 9 section #ccd ( ! ,gramm-,lea*-,bliley ,act72 7xvi7 any pool$ inve/m5t vehicle t is op]at$ or advis$ by a p]son describ$ 9 clause 7iii71 7iv71 7v71 7vi71 7viii71 7ix71 or 7xi72 7xvii7 any bus9ess conc]n t-- 7,i7 employs m ?an #bj employees on a full-"t basis 9 ! ,unit$ ,/ates2 7,,ii7 files income tax returns 9 ! ,unit$ ,/ates demon/rat+ m ?an #e1jjj1jjj 9 gross receipts or sales2 & 7,,iii7 has an op]at+ pres5ce at a physical (fice )9 ! ,unit$ ,/ates2 or 7xviii7 any corporation or limit$ liability company =m$ & own$ by an entity describ$ 9 ?is clause or 9 clause 7i71 7ii71 7iii71 7iv71 7v71 7vi71 7vii71 7viii71 7ix71 7x71 7xi71 7xii71 7xiii71 7xiv71 7xv71 or 7xvi72 & 7,d7 d n include any individual bus9ess conc]n or class ( bus9ess conc]ns :i* ! ,secret>y ( ! ,treasury & ! ,attorney ,g5]al ( ! ,unit$ ,/ates h jo9tly det]m9$1 by rule ( o!rwise1 to be exempt f ! requirem5ts ( subsection 7a71 if ! ,secret>y & ! ,attorney ,g5]al jo9tly det]m9e t requir+ b5eficial own]%ip in=mation f ! bus9ess conc]n w\ld n s]ve ! public int]e/ & w\ld n assi/ law en=cem5t ef=ts to detect1 prev5t1 or prosecute t]rorism1 money laund]+1 tax evasion1 or o!r misconduct4 7#e7 ,f9c5 ,! t]m ,fin,c,e,n means ! ,f9ancial ,crimes ,en=cem5t ,network ( ! ,dep>tm5t ( ! ,treasury4 7#f7 ,indian c\ntry ,! t]m ,indian c\ntry has ! mean+ giv5 t t]m 9 section #aaea ( title #ah4 7#g7 ,indian tribe ,! t]m ,indian ,tribe has ! mean+ giv5 t t]m "u section #ajb ( ! ,f$]ally ,recogniz$ ,indian ,tribe ,li/ ,act ( #aiid4 7#h7 ,p]sonal id5tification c>d ,! t]m p]sonal id5tification c>d means an id5tification docum5t issu$ by a ,/ate1 ,indian ,tribe1 or local gov]nm5t to an individual solely = ! purpose ( id5tification ( t individual4 7#i7 ,/ate ,! t]m ,/ate means any ,/ate1 commonweal?1 t]ritory1 or possession ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,am]ican ,samoa1 ,guam1 or ! ,unit$ ,/ates ,virg9 ,isl&s4 4 7#b7 ,rulemak+ 7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue regulations to c>ry out ?is ,act & ! am5dm5ts made by ?is ,act1 includ+1 to ! ext5t necess>y1 to cl>ify ! def9itions 9 section #eccc7;d7 ( title #ca1 ,unit$ ,/ates ,code4 7,b7 ,revision ( f9al rule ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all revise ! f9al rule titl$ ,cu/om] ,due ,dilig5ce ,requirem5ts = ,f9ancial ,in/itutions 7,may #aa1 #bjaf2 #ha ,f$4 ,reg4 #bicig7 to-- 7i7 br+ ! rule into con=mance ) ?is ,act & ! am5dm5ts made by ?is ,act2 7ii7 acc\nt = f9ancial in/itutions' access to compreh5sive b5eficial own]%ip in=mation fil$ by corporations & limit$ liability companies1 "u ?reat ( civil & crim9al p5alties1 "u ?is ,act & ! am5dm5ts made by ?is ,act2 & 7iii7 r$uce any burd5s on f9ancial in/itutions t are1 9 light ( ! enactm5t ( ?is ,act & ! am5dm5ts made by ?is ,act1 unnecess>y or duplicative4 7#c7 ,con=m+ am5dm5ts ,title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 section #ecba7;a7-- 7i7 9 p>agraph 7#a71 by /rik+ sections #ecad & #ecae ea* place x appe>s & ins]t+ sections #ecad1 #ecae1 & #eccc2 & 7ii7 9 p>agraph 7#f71 by ins]t+ 7except section #eccc7 aft] sub*apt] ea* place x appe>s2 & 7,b7 9 section #ecbb1 by /rik+ section #ecae or #ecbd ea* place x appe>s & ins]t+ section #ecae1 #ecbd1 or #eccc4 7#d7 ,table ( cont5ts ,! table ( cont5ts ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #eccb ! foll[+3 #eccc4 ,transp>5t incorporation practices4 4 7b7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ #bj1jjj1jjj = ea* ( fiscal ye>s #bjbj & #bjba to ! ,f9ancial ,crimes ,en=cem5t ,network to c>ry out ?is ,act & ! am5dm5ts made by ?is ,act4 7c7 ,f$]al contractors ,n lat] ?an ! fir/ day ( ! fir/ full fiscal ye> beg9n+ at lea/ #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,adm9i/rator = ,f$]al ,procurem5t ,policy %all revise ! ,f$]al ,acquisition ,regulation ma9ta9$ "u section #acjc7;a77#a7 ( title #da1 ,unit$ ,/ates ,code1 to require any contractor or subcontractor :o is subject to ! requirem5t to disclose b5eficial own]%ip in=mation "u section #eccc ( title #ca1 ,unit$ ,/ates ,code1 to provide ! in=mation requir$ to be disclos$ "u su* section to ! ,f$]al ,gov]nm5t z "p ( any bid or proposal = a contract ) a value ?re%old 9 excess ( ! simplifi$ acquisition ?re%old "u section #acd ( title #da1 ,unit$ ,/ates ,code4 #d4 ,/udies & reports 7a7 ,updat+ ( b5eficial own]%ip in=mation 7#a7 ,/udy ,! ,secret>y ( ! ,treasury1 9 consultation ) ! ,attorney ,g5]al ( ! ,unit$ ,/ates1 %all conduct a /udy to evaluate-- 7,a7 ! necessity ( a requirem5t = corporations & limit$ liability companies to update ! li/ ( _! b5eficial own]s )9 a specifi$ am\nt ( "t aft] ! date ( any *ange 9 ! li/ ( b5eficial own]s or ! in=mation requir$ to be provid$ relat+ to ea* b5eficial own]1 tak+ into acc\nt ! annual fil+s requir$ "u section #eccc7;a77#a77;,b77i7 ( title #ca1 ,unit$ ,/ates ,code1 & ! in=mation conta9$ 9 su* annual fil+s2 & 7,b7 ! burd5 t a requirem5t to update ! li/ ( b5eficial own]s )9 a specifi$ p]iod ( "t aft] a *ange 9 su* li/ ( b5eficial own]s w\ld impose on corporations & limit$ liability companies4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all submit a report on ! /udy requir$ "u p>agraph 7#a7 to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 7#c7 ,public comm5t ,! ,secret>y ( ! ,treasury %all seek & consid] public input1 comm5ts1 & data 9 ord] to conduct ! /udy requir$ "u subp>agraph p>agraph 7#a74 7b7 ,o!r legal entities ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy & submit to ! ,congress a report-- 7#a7 id5tify+ ea* ,/ate or ,indian ,tribe t has proc$ures t enable p]sons to =m or regi/] "u ! laws ( ! ,/ate or ,indian ,tribe p>tn]%ips1 tru/s1 or o!r legal entities1 & ! nature ( ^? proc$ures2 7#b7 id5tify+ ea* ,/ate or ,indian ,tribe t requires p]sons seek+ to =m or regi/] p>tn]%ips1 tru/s1 or o!r legal entities "u ! laws ( ! ,/ate or ,indian ,tribe to provide in=mation ab\t ! b5eficial own]s 7z t t]m is def9$ 9 section #eccc7;d77#a7 ( title #ca1 ,unit$ ,/ates ,code1 z add$ by ?is ,act7 or b5efici>ies ( su* entities1 & ! nature ( ! requir$ in=mation2 7#c7 evaluat+ :e!r ! lack ( available b5eficial own]%ip in=mation = p>tn]%ips1 tru/s1 or o!r legal entities-- 7,a7 raises conc]ns ab\t ! involvem5t ( su* entities 9 t]rorism1 money laund]+1 tax evasion1 securities fraud1 or o!r misconduct2 7,b7 has imp$$ inve/igations into entities suspect$ ( su* misconduct2 & 7,c7 increases ! co/s to f9ancial in/itutions ( comply+ ) due dilig5ce requirem5ts impos$ "u ! ,bank ,secrecy ,act1 ! ,,usa ,,patriot ,act1 or o!r applicable ,f$]al1 ,/ate1 or ,tribal law2 & 7#d7 evaluat+ :e!r ! failure ( ! ,unit$ ,/ates to require b5eficial own]%ip in=mation = p>tn]%ips & tru/s =m$ or regi/]$ 9 ! ,unit$ ,/ates has elicit$ int]national criticism & :at /eps1 if any1 ! ,unit$ ,/ates has tak5 or is plann+ to take 9 response4 7c7 ,effectiv5ess ( incorporation practices ,n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy & submit to ! ,congress a report assess+ ! effectiv5ess ( incorporation practices implem5t$ "u ?is ,act & ! am5dm5ts made by ?is ,act 9-- 7#a7 provid+ law en=cem5t ag5cies ) prompt access to reliable1 useful1 & complete b5eficial own]%ip in=mation2 & 7#b7 /r5g!n+ ! capability ( law en=cem5t ag5cies to combat incorporation abuses1 civil & crim9al misconduct1 & detect1 prev5t1 or puni% t]rorism1 money laund]+1 tax evasion1 or o!r misconduct4 7d7 ,annual report on b5eficial own]%ip in=mation 7#a7 ,report ,! ,secret>y ( ! ,treasury %all issue an annual report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate ) respect to ! b5eficial own]%ip in=mation collect$ pursuant to section #eccc ( title #ca1 ,unit$ ,/ates ,code1 t conta9s-- 7,a7 aggregate data on ! numb] ( b5eficial own]s p] report+ corporation or limit$ liability company2 7,b7 ! indu/ries or type ( bus9ess ( ea* report+ corporation or limit$ liability company2 & 7,c7 ! locations ( ! b5eficial own]s4 7#b7 ,privacy ,9 issu+ reports "u p>agraph 7#a71 ! ,secret>y %all n reveal ! id5tities ( b5eficial own]s or names ( ! report+ corporations or limit$ liability companies4 #e4 ,def9itions ,9 ?is ,act1 ! t]ms ,bank ,secrecy ,act1 b5eficial own]1 corporation1 & limit$ liability company h ! mean+ giv5 ^? t]ms1 respectively1 "u section #eccc7;d7 ( title #ca1 ,unit$ ,/ates ,code4 ,b ,,c\nt] ,act ( #bjai #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,coord9at+ ,ov]sight1 ,upgrad+ & ,innovat+ ,te*nology1 & ,exam9] ,re=m ,act ( #bjai or ! ,,c\nt] ,act ( #bjai4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,division ,b--,,c\nt] ,act ( #bjai ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,bank ,secrecy ,act def9ition4 ,title ,i--,/r5g!n+ ,treasury ,sec4 #aja4 ,improv+ ! def9ition & purpose ( ! ,bank ,secrecy ,act4 ,sec4 #ajb4 ,special hir+ au?ority4 ,sec4 #ajc4 ,civil ,lib]ties & ,privacy ,(fic]4 ,sec4 #ajd4 ,civil ,lib]ties & ,privacy ,c\ncil4 ,sec4 #aje4 ,int]national coord9ation4 ,sec4 #ajf4 ,treasury ,atta*s ,program4 ,sec4 #ajg4 ,increas+ te*nical assi/ance = int]national coop]ation4 ,sec4 #ajh4 ,fin,c,e,n ,dome/ic ,liaisons4 ,sec4 #aji4 ,fin,c,e,n ,ex*ange4 ,sec4 #aaj4 ,/udy & /rategy on trade-bas$ money laund]+4 ,sec4 #aaa4 ,/udy & /rategy on de-risk+4 ,sec4 #aab4 ,,aml exam9ation au?ority delegation /udy4 ,sec4 #aac4 ,/udy & /rategy on ,*9ese money laund]+4 ,title ,,ii--,improv+ ,,aml_/,,cft ,ov]sight ,sec4 #bja4 ,pilot program on %>+ ( suspici\s activity reports )9 a f9ancial gr\p4 ,sec4 #bjb4 ,%>+ ( compliance res\rces4 ,sec4 #bjc4 ,,gao ,/udy on fe$back loops4 ,sec4 #bjd4 ,fin,c,e,n /udy on ,,bsa value4 ,sec4 #bje4 ,%>+ ( ?reat patt]n & tr5d in=mation4 ,sec4 #bjf4 ,mod]nization & upgrad+ :i/lebl[] protections4 ,sec4 #bjg4 ,c]ta9 violators b>r$ f s]v+ on bo>ds ( ,unit$ ,/ates f9ancial in/itutions4 ,sec4 #bjh4 ,additional damages = repeat ,bank ,secrecy ,act violators4 ,sec4 #bji4 ,ju/ice annual report on def]r$ & non-prosecution agreem5ts4 ,sec4 #baj4 ,return ( pr(its & bonuses4 ,sec4 #baa4 ,application ( ,bank ,secrecy ,act to deal]s 9 antiquities4 ,sec4 #bab4 ,geographic t>get+ ord]4 ,sec4 #bac4 ,/udy & revisions to curr5cy transaction reports & suspici\s activity reports4 ,sec4 #bad4 ,/reaml9+ requirem5ts = curr5cy transaction reports & suspici\s activity reports4 ,title ,,iii--,mod]niz+ ! ,,aml ,sy/em ,sec4 #cja4 ,enc\rag+ innovation 9 ,,bsa compliance4 ,sec4 #cjb4 ,innovation ,labs4 ,sec4 #cjc4 ,innovation ,c\ncil4 ,sec4 #cjd4 ,te/+ me?ods rulemak+4 ,sec4 #cje4 ,fin,c,e,n /udy on use ( em]g+ te*nologies4 ,sec4 #cjf4 ,discretion>y surplus funds4 7c7 ,ref]5ces to ?is ,act ,9 ?is division-- 7#a7 any ref]5ce to ?is ,act %all be deem$ a ref]5ce to ?is division2 & 7#b7 except z o!rwise expressly provid$1 any ref]5ce to a section or o!r provision %all be deem$ a ref]5ce to t section or o!r provision ( ?is division4 #b4 ,bank ,secrecy ,act def9ition ,section #ecab7;a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#g7 ,bank ,secrecy ,act ,! t]m ,bank ,secrecy act means-- 7,a7 section #ba ( ! ,f$]al ,deposit ,insurance ,act2 7,b7 *apt] #b ( title ,i ( ,public ,law #ia-ejh2 & 7,c7 ?is sub*apt]4 4 ,i ,/r5g!n+ ,treasury #aja4 ,improv+ ! def9ition & purpose ( ! ,bank ,secrecy ,act ,section #ecaa ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by ins]t+ to protect our national security1 to safegu>d ! integrity ( ! int]national f9ancial sy/em1 & be=e to require2 & 7#b7 by ins]t+ to law en=cem5t & be=e 9 crim9al4 #ajb4 ,special hir+ au?ority 7a7 ,9 g5]al ,section #caj ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ subsection 7d7 z subsection 7g72 & 7#b7 by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,special hir+ au?ority 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury may appo9t1 )\t reg>d to ! provisions ( sections #ccji ?r\gh #ccah ( title #e1 c&idates directly to positions 9 ! competitive s]vice 7z def9$ 9 section #bajb ( t title7 9 ,fin,c,e,n4 7#b7 ,prim>y responsibilities ,! prim>y responsibility ( c&idates appo9t$ pursuant to p>agraph 7#a7 %all be to provide sub/antive support 9 support ( ! duties describ$ 9 subp>agraphs 7,a71 7,b71 7,e71 & 7,f7 ( subsection 7b77#b74 4 7b7 ,report ,n lat] ?an #cfj days aft] ! date ( enactm5t ( ?is ,act1 & e ye> !reaft] = #g ye>s1 ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network %all submit a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate t includes-- 7#a7 ! numb] ( new employees hir$ s9ce ! prec$+ report ?r\gh ! au?orities describ$ "u section #caj7;d7 ( title #ca1 ,unit$ ,/ates ,code1 along ) position titles & associat$ pay grades = su* hires2 & 7#b7 a copy ( any ,f$]al ,gov]nm5t survey ( /aff p]spectives at ! ,(fice ( ,t]rorism & ,f9ancial ,intellig5ce1 includ+ f9d+s reg>d+ ! ,(fice & ! ,f9ancial ,crimes ,en=cem5t ,network f ! mo/ rec5tly adm9i/]$ ,f$]al ,employee ,viewpo9t ,survey4 #ajc4 ,civil ,lib]ties & ,privacy ,(fic] 7a7 ,appo9tm5t ( ,(fic]s ,n lat] ?an ! end ( ! #c-mon? p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 a ,civil ,lib]ties & ,privacy ,(fic] %all be appo9t$1 f among individuals :o are attorneys ) exp]tise 9 data privacy laws-- 7#a7 )9 ea* ,f$]al functional regulator1 by ! head ( ! ,f$]al functional regulator2 7#b7 )9 ! ,f9ancial ,crimes ,en=cem5t ,network1 by ! ,secret>y ( ! ,treasury2 & 7#c7 )9 ! ,int]nal ,rev5ue ,s]vice ,small ,bus9ess & ,self-,employ$ ,tax ,c5t]1 by ! ,secret>y ( ! ,treasury4 7b7 ,duties ,ea* ,civil ,lib]ties & ,privacy ,(fic] %all1 ) respect to ! applicable regulator1 ,network1 or ,c5t] )9 :i* ! ,(fic] is locat$-- 7#a7 be consult$ ea* "t ,bank ,secrecy ,act or anti-money laund]+ regulations affect+ civil lib]ties or privacy are develop$ or review$2 7#b7 be consult$ on in=mation-%>+ programs1 includ+ ^? t provide access to p]sonally id5tifiable in=mation2 7#c7 ensure coord9ation & cl>ity betwe5 anti-money laund]+1 civil lib]ties1 & privacy regulations2 7#d7 contribute to ! evaluation & regulation ( new te*nologies t may /r5g!n data privacy & ! protection ( p]sonally id5tifiable in=mation collect$ by ea* ,f$]al functional regulator2 & 7#e7 develop metrics ( program success4 7c7 ,def9itions ,= purposes ( ?is section3 7#a7 ,bank ,secrecy ,act ,! t]m ,bank ,secrecy ,act has ! mean+ giv5 t t]m "u section #ecab ( title #ca1 ,unit$ ,/ates ,code4 7#b7 ,f$]al functional regulator ,! t]m ,f$]al functional regulator means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,securities & ,ex*ange ,commission1 & ! ,commodity ,futures ,trad+ ,commission4 #ajd4 ,civil ,lib]ties & ,privacy ,c\ncil 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,civil ,lib]ties & ,privacy ,c\ncil 7h]e9aft] 9 ?is section ref]r$ to z ! ,c\ncil71 :i* %all consi/ ( ! ,civil ,lib]ties & ,privacy ,(fic]s appo9t$ pursuant to section #ajc4 7b7 ,*air ,! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network %all s]ve z ! ,*air ( ! ,c\ncil4 7c7 ,duty ,! memb]s ( ! ,c\ncil %all coord9ate on activities relat$ to _! duties z ,civil ,lib]ties ,privacy ,(fic]s1 b may n supplant ! individual ag5cy det]m9ations on civil lib]ties & privacy4 7d7 ,meet+s ,! meet+s ( ! ,c\ncil-- 7#a7 %all be at ! call ( ! ,*air1 b 9 no case may ! ,c\ncil meet less ?an qu>t]ly2 7#b7 may include op5 & p>tially clos$ sessions1 z det]m9$ necess>y by ! ,c\ncil2 & 7#c7 %all include p>ticipation by public & private entities & law en=cem5t ag5cies4 7e7 ,report ,! ,*air ( ! ,c\ncil %all issue an annual report to ! ,congress on ! program & policy activities1 includ+ ! success ( programs z measur$ by metrics ( program success develop$ pursuant to section #ajc7;b77#e71 ( ! ,c\ncil dur+ ! previ\s ye> & any legislative recomm5dations t ! ,c\ncil may h4 7f7 ,nonapplicability ( ,,faca ,! ,f$]al ,advisory ,committee ,act 7#e ,u4,s4,c4 ,app47 %all n apply to ! ,c\ncil4 #aje4 ,int]national coord9ation 7a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all "w ) ! ,secret>y's =eign c\nt]p>ts1 includ+ ?r\gh ! ,f9ancial ,action ,task ,=ce1 ! ,int]national ,monet>y ,fund1 ! ,_w ,bank1 ! ,egmont ,gr\p ( ,f9ancial ,intellig5ce ,units1 ! ,organisation = ,economic ,co-op]ation & ,developm5t1 & ! ,unit$ ,nations1 to promote /rong] anti-money laund]+ frameworks & en=cem5t ( anti-money laund]+ laws4 7b7 ,coop]ation goal ,9 c>ry+ out subsection 7a71 ! ,secret>y ( ! ,treasury may "w directly ) =eign c\nt]p>ts & o!r organizations :]e ! goal ( coop]ation c be/ be met4 7c7 ,int]national ,monet>y ,fund 7#a7 ,support = capacity ( ! ,int]national ,monet>y ,fund to prev5t money laund]+ & f9anc+ ( t]rorism ,title ,,xvi ( ! ,int]national ,f9ancial ,in/itutions ,act 7#bb ,u4,s4,c4 #bfbp et seq47 is am5d$ by add+ at ! end ! foll[+3 #afbi4 ,support = capacity ( ! ,int]national ,monet>y ,fund to prev5t money laund]+ & f9anc+ ( t]rorism ,! ,secret>y ( ! ,treasury %all in/ruct ! ,unit$ ,/ates ,executive ,director at ! ,int]national ,monet>y ,fund to support ! increas$ use ( ! adm9i/rative budget ( ! ,fund = te*nical assi/ance t /r5g!ns ! capacity ( ,fund memb]s to prev5t money laund]+ & ! f9anc+ ( t]rorism4 4 7#b7 ,national ,advisory ,c\ncil report to ,congress ,! ,*airman ( ! ,national ,advisory ,c\ncil on ,int]national ,monet>y & ,f9ancial ,policies %all include 9 ! report requir$ by section #agja ( ! ,int]national ,f9ancial ,in/itutions ,act 7#bb ,u4,s4,c4 #bfbr7 a description (-- 7,a7 ! activities ( ! ,int]national ,monet>y ,fund 9 ! mo/ rec5tly complet$ fiscal ye> to provide te*nical assi/ance t /r5g!ns ! capacity ( ,fund memb]s to prev5t money laund]+ & ! f9anc+ ( t]rorism1 & ! effectiv5ess ( ! assi/ance2 & 7,b7 ! efficacy ( ef=ts by ! ,unit$ ,/ates to support su* te*nical assi/ance ?r\gh ! use ( ! ,fund's adm9i/rative budget1 & ! level ( su* support4 7#c7 ,sunset ,effective on ! date t is ! end ( ! #d-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 section #afbi ( ! ,int]national ,f9ancial ,in/itutions ,act1 z add$ by p>agraph 7#a71 is repeal$4 #ajf4 ,treasury ,atta*s ,program 7a7 ,9 g5]al ,title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] section #cae ! foll[+3 #caf4 ,treasury ,atta*s ,program 7a7 ,9 g5]al ,!re is e/abli%$ ! ,treasury ,atta*s ,program1 "u :i* ! ,secret>y ( ! ,treasury %all appo9t employees ( ! ,dep>tm5t ( ! ,treasury1 aft] nom9ation by ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network 7,fin,c,e,n71 z a ,treasury atta*1 :o %all-- 7#a7 be kn[l$geable ab\t ! ,bank ,secrecy ,act & anti-money laund]+ issues2 7#b7 be co-locat$ 9 a ,unit$ ,/ates embassy2 7#c7 p]=m outrea* ) respect to ,bank ,secrecy ,act & anti-money laund]+ issues2 7#d7 e/abli% & ma9ta9 relation%ips ) =eign c\nt]p>ts1 includ+ employees ( m9i/ries ( f9ance1 c5tral banks1 & o!r relevant (ficial entities2 7#e7 conduct outrea* to local & =eign f9ancial in/itutions & o!r comm]cial actors1 includ+-- 7,a7 in=mation ex*anges ?r\gh ,fin,c,e,n & ,fin,c,e,n programs2 & 7,b7 solicit+ buy-9 & coop]ation = ! implem5tation (-- 7i7 ,unit$ ,/ates & multilat]al sanctions2 & 7ii7 int]national /&>ds on anti-money laund]+ & ! c\nt]+ ( ! f9anc+ ( t]rorism2 & 7#f7 p]=m su* o!r actions z ! ,secret>y det]m9es appropriate4 7b7 ,numb] ( atta*s ,! numb] ( ,treasury atta*s appo9t$ "u ?is section at any "o "t %all be n few] ?an #f m employees ?an ! numb] ( employees ( ! ,dep>tm5t ( ! ,treasury s]v+ z ,treasury atta*s on ,m>* #a1 #bjai4 7c7 ,comp5sation ,ea* ,treasury atta* appo9t$ "u ?is section & locat$ at a ,unit$ ,/ates embassy %all receive comp5sation at ! high] (-- 7#a7 ! rate ( comp5sation provid$ to a ,=eign ,s]vice (fic] at a comp>able c>e] level s]v+ at ! same embassy2 or 7#b7 ! rate ( comp5sation ! ,treasury atta* w\ld o!rwise h receiv$1 abs5t ! application ( ?is subsection4 7d7 ,bank ,secrecy ,act def9$ ,9 ?is section1 ! t]m ,bank ,secrecy ,act has ! mean+ giv5 t t]m "u section #ecab4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = *apt] #c ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #cae ! foll[+3 #caf4 ,treasury ,atta*s ,program4 4 #ajg4 ,increas+ te*nical assi/ance = int]national coop]ation 7a7 ,9 g5]al ,!re is au?oriz$ to be appropriat$ = ea* ( fiscal ye>s #bjbj ?r\gh #bjbd to ! ,secret>y ( ! ,treasury = purposes ( provid+ te*nical assi/ance t promotes compliance ) int]national /&>ds & be/ practices1 includ+ 9 p>ticul> ^? aim$ at ! e/abli%m5t ( effective anti-money laund]+ & c\nt]+ ! f9anc+ ( t]rorism regimes1 9 an am\nt equal to twice ! am\nt au?oriz$ = su* purpose = fiscal ye> #bjai4 7b7 ,activity & evaluation report ,n lat] ?an #cfj days aft] enactm5t ( ?is ,act1 & e ye> !reaft] = five ye>s1 ! ,secret>y ( ! ,treasury %all issue a report to ! ,congress on ! assi/ance 7z describ$ "u subsection 7a77 ( ! ,(fice ( ,te*nical ,assi/ance ( ! ,dep>tm5t ( ! ,treasury conta9+-- 7#a7 a n>rative detail+ ! /rategic goals ( ! ,(fice 9 ! previ\s ye>1 ) an explanation ( h[ te*nical assi/ance provid$ 9 ! previ\s ye> advances ! goals2 7#b7 a description ( te*nical assi/ance provid$ by ! ,(fice 9 ! previ\s ye>1 includ+ ! objectives & deliv]y me?ods ( ! assi/ance2 7#c7 a li/ ( b5efici>ies & provid]s 7o!r ?an ,(fice /aff7 ( ! te*nical assi/ance2 7#d7 a description ( h[ te*nical assi/ance provid$ by ! ,(fice complem5ts1 duplicates1 or o!rwise affects or is affect$ by te*nical assi/ance provid$ by ! int]national f9ancial in/itutions 7z def9$ "u section #agja7;c7 ( ! ,int]national ,f9ancial ,in/itutions ,act72 & 7#e7 a copy ( any ,f$]al ,gov]nm5t survey ( /aff p]spectives at ! ,(fice ( ,te*nical ,assi/ance1 includ+ any f9d+s reg>d+ ! ,(fice f ! mo/ rec5tly adm9i/]$ ,f$]al ,employee ,viewpo9t ,survey4 #ajh4 ,fin,c,e,n ,dome/ic ,liaisons ,section #caj ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #ajb1 is fur!r am5d$ by ins]t+ aft] subsection 7d7 ! foll[+3 7e7 ,fin,c,e,n ,dome/ic ,liaisons 7#a7 ,9 g5]al ,! ,director ( ,fin,c,e,n %all appo9t at lea/ #f s5ior ,fin,c,e,n employees z ,fin,c,e,n ,dome/ic ,liaisons1 :o %all-- 7,a7 ea* be assign$ to focus on a specific region ( ! ,unit$ ,/ates2 7,b7 be locat$ at an (fice 9 su* region 7or co-locat$ at an (fice ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em 9 su* region72 & 7,c7 p]=m outrea* to ,,bsa (fic]s at f9ancial in/itutions 7includ+ non-bank f9ancial in/itutions7 & p]sons :o are n f9ancial in/itutions1 especially ) respect to actions tak5 by ,fin,c,e,n t require specific actions by1 or h specific effects on1 su* in/itutions or p]sons1 z det]m9$ by ! ,director4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,,bsa (fic] ,! t]m ,,bsa (fic] means an employee ( a f9ancial in/itution ^: prim>y job responsibility involves compliance ) ! ,bank ,secrecy ,act1 z su* t]m is def9$ "u section #ecab4 7,b7 ,f9ancial in/itution ,! t]m f9ancial in/itution has ! mean+ giv5 t t]m "u section #ecab4 4 #aji4 ,fin,c,e,n ,ex*ange ,section #caj ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #ajh1 is fur!r am5d$ by ins]t+ aft] subsection 7e7 ! foll[+3 7f7 ,fin,c,e,n ,ex*ange 7#a7 ,e/abli%m5t ,! ,fin,c,e,n ,ex*ange is h]eby e/abli%$ )9 ,fin,c,e,n1 :i* %all consi/ ( ! ,fin,c,e,n ,ex*ange program ( ,fin,c,e,n 9 exi/5ce on ! day be=e ! date ( enactm5t ( ?is p>agraph4 7#b7 ,purpose ,! ,fin,c,e,n ,ex*ange %all facilitate a volunt>y public-private in=mation %>+ p>tn]%ip among law en=cem5t1 f9ancial in/itutions1 & ,fin,c,e,n to-- 7,a7 effectively & effici5tly combat money laund]+1 t]rorism f9anc+1 organiz$ crime1 & o!r f9ancial crimes2 7,b7 protect ! f9ancial sy/em f illicit use2 & 7,c7 promote national security4 7#c7 ,report 7,a7 ,9 g5]al ,n lat] ?an "o ye> aft] ! date ( enactm5t ( ?is subsection1 & annually !reaft] = ! next five ye>s1 ! ,secret>y ( ! ,treasury %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report conta9+-- 7i7 an analysis ( ! ef=ts und]tak5 by ! ,fin,c,e,n ,ex*ange & ! results ( su* ef=ts2 7ii7 an analysis ( ! ext5t & effectiv5ess ( ! ,fin,c,e,n ,ex*ange1 includ+ any b5efits realiz$ by law en=cem5t f p>tn]%ip ) f9ancial in/itutions2 & 7iii7 any legislative1 adm9i/rative1 or o!r recomm5dations ! ,secret>y may h to /r5g!n ,fin,c,e,n ,ex*ange ef=ts4 7,b7 ,classifi$ annex ,ea* report "u subp>agraph 7,a7 may include a classifi$ annex4 7#d7 ,in=mation %>+ requirem5t ,in=mation %>$ pursuant to ?is subsection %all be %>$ 9 compliance ) all o!r applicable ,f$]al laws & regulations4 7#e7 ,rule ( con/ruction ,no?+ "u ?is subsection may be con/ru$ to create new in=mation %>+ au?orities relat$ to ! ,bank ,secrecy ,act 7z su* t]m is def9$ "u section #ecab ( title #ca1 ,unit$ ,/ates ,code74 7#f7 ,f9ancial in/itution def9$ ,9 ?is subsection1 ! t]m f9ancial in/itution has ! mean+ giv5 t t]m "u section #ecab4 4 #aaj4 ,/udy & /rategy on trade-bas$ money laund]+ 7a7 ,/udy ,! ,secret>y ( ! ,treasury %all c>ry out a /udy1 9 consultation ) appropriate private sector /akehold]s & ,f$]al dep>tm5ts & ag5cies1 on trade-bas$ money laund]+4 7b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all issue a report to ! ,congress conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 propos$ /rategies to combat trade-bas$ money laund]+4 7c7 ,classifi$ annex ,! report requir$ "u ?is section may include a classifi$ annex4 7d7 ,contract+ au?ority ,! ,secret>y may contract ) a private ?ird-p>ty to c>ry out ! /udy requir$ "u ?is section4 ,! au?ority ( ! ,secret>y to ent] into contracts "u ?is subsection %all be 9 effect = ea* fiscal ye> only to ! ext5t & 9 ! am\nts z are provid$ 9 advance 9 appropriations ,acts4 #aaa4 ,/udy & /rategy on de-risk+ 7a7 ,review ,! ,secret>y ( ! ,treasury1 9 consultation ) appropriate private sector /akehold]s1 exam9]s1 & ! ,f$]al functional regulators 7z def9$ "u section #ajc7 & o!r relevant /akehold]s1 %all und]take a =mal review (-- 7#a7 any adv]se consequ5ces ( f9ancial in/itutions de-risk+ entire categories ( relation%ips1 includ+ *>ities1 embassy acc\nts1 money s]vices bus9esses 7z def9$ "u section #ajaj4ajj7;ff7 ( title #ca1 ,code ( ,f$]al ,regulations7 & _! ag5ts1 c\ntries1 int]national & dome/ic regions1 & respond5t banks2 7#b7 ! reasons :y f9ancial in/itutions are engag+ 9 de-risk+2 7#c7 ! association ) & effects ( de-risk+ on money laund]+ & f9ancial crime actors & activities2 7#d7 ! mo/ appropriate ways to promote f9ancial inclusion1 p>ticul>ly ) respect to develop+ c\ntries1 :ile ma9ta9+ compliance ) ! ,bank ,secrecy ,act1 includ+ an assessm5t ( policy options to-- 7,a7 m effectively tailor ,f$]al actions & p5alties to ! size ( =eign f9ancial in/itutions & any capacity limitations ( =eign gov]nm5ts2 & 7,b7 r$uce compliance co/s t may lead to ! adv]se consequ5ces describ$ 9 p>agraph 7#a72 7#e7 =mal & in=mal fe$back provid$ by exam9]s t may h l$ to de-risk+2 7#f7 ! relation%ip betwe5 res\rces d$icat$ to compliance & ov]all sophi/ication ( compliance ef=ts at entities t may be exp]i5c+ de-risk+ v]sus ^? t h n exp]i5c$ de-risk+2 & 7#g7 any be/ practices f ! private sector t facilitate correspond5t bank relation%ips4 7b7 ,de-risk+ /rategy ,! ,secret>y %all develop a /rategy to r$uce de-risk+ & adv]se consequ5ces relat$ to de-risk+4 7c7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y1 9 consultation ) ! ,f$]al functional regulators & o!r relevant /akehold]s1 %all issue a report to ! ,congress conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 ! /rategy develop$ pursuant to subsection 7b74 7d7 ,def9itions ,9 ?is section3 7#a7 ,de-risk+ ,! t]m de-risk+ means ! :olesale clos+ ( acc\nts or limit+ ( f9ancial s]vices = a category ( cu/om] due to unsub/antiat$ risk z x relates to compliance ) ! ,bank ,secrecy ,act4 7#b7 ,,bsa t]ms ,! t]ms ,bank ,secrecy ,act & f9ancial in/itution h ! mean+ giv5 ^? t]ms1 respectively1 "u section #ecab (f title #ca1 ,unit$ ,/ates ,code4 #aab4 ,,aml exam9ation au?ority delegation /udy 7a7 ,/udy ,! ,secret>y ( ! ,treasury %all c>ry out a /udy on ! ,secret>y's delegation ( exam9ation au?ority "u ! ,bank ,secrecy ,act1 includ+-- 7#a7 an evaluation ( ! efficacy ( ! delegation1 especially ) respect to ! mission ( ! ,bank ,secrecy ,act2 7#b7 :e!r ! delegat$ ag5cies h appropriate res\rces to p]=m _! delegat$ responsibilities2 & 7#c7 :e!r ! exam9]s 9 delegat$ ag5cies h suffici5t tra9+ & support to p]=m _! responsibilities4 7b7 ,report ,n lat] ?an "o ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all submit to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate a report conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 recomm5dations to improve ! efficacy ( delegation au?ority1 includ+ ! pot5tial = de-delegation ( any or all su* au?ority :]e x may be appropriate4 7c7 ,bank ,secrecy ,act def9$ ,! t]m ,bank ,secrecy ,act has ! mean+ giv5 t t]m "u section #ecab (f title #ca1 ,unit$ ,/ates ,code4 #aac4 ,/udy & /rategy on ,*9ese money laund]+ 7a7 ,/udy ,! ,secret>y ( ! ,treasury %all c>ry out a /udy on ! ext5t & effect ( ,*9ese money laund]+ activities 9 ! ,unit$ ,/ates1 includ+ t]ritories & possessions ( ! ,unit$ ,/ates1 & worldwide4 7b7 ,/rategy to combat ,*9ese money laund]+ ,^u ! completion ( ! /udy requir$ "u subsection 7a71 ! ,secret>y %all1 9 consultation ) su* o!r ,f$]al dep>tm5ts & ag5cies z ! ,secret>y det]m9es appropriate1 develop a /rategy to combat ,*9ese money laund]+ activities4 7c7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue a report to ,congress conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7#b7 ! /rategy develop$ "u subsection 7b74 ,,ii ,improv+ ,,aml_/,,cft ,ov]sight #bja4 ,pilot program on %>+ ( suspici\s activity reports )9 a f9ancial gr\p 7a7 ,9 g5]al 7#a7 ,%>+ ) =eign bran*es & affiliates ,section #ecah7;g7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#e7 ,pilot program on %>+ ) =eign bran*es1 subsidi>ies1 & affiliates 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury %all issue rules e/abli%+ ! pilot program describ$ "u subp>agraph 7,b71 subject to su* controls & re/rictions z ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network det]m9es appropriate1 includ+ controls & re/rictions reg>d+ p>ticipation by f9ancial in/itutions & jurisdictions 9 ! pilot program4 ,9 prescrib+ su* rules1 ! ,secret>y %all ensure t ! %>+ ( in=mation describ$ "u su* subp>agraph 7,b7 is subject to appropriate /&>ds & requirem5ts reg>d+ data security & ! confid5tiality ( p]sonally id5tifiable in=mation4 7,b7 ,pilot program describ$ ,! pilot program requir$ "u ?is p>agraph %all-- 7i7 p]mit a f9ancial in/itution ) a report+ obligation "u ?is subsection to %>e reports 7& in=mation on su* reports7 "u ?is subsection ) ! in/itution's =eign bran*es1 subsidi>ies1 & affiliates = ! purpose ( combat+ illicit f9ance risks1 not)/&+ any o!r provision ( law except subp>agraphs 7,a7 & 7,c72 7ii7 t]m9ate on ! date t is five ye>s aft] ! date ( enactm5t ( ?is p>agraph1 except t ! ,secret>y may ext5d ! pilot program = up to two ye>s ^u submitt+ a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate t includes-- 7,i7 a c]tification t ! ext5sion is 9 ! national int]e/ ( ! ,unit$ ,/ates1 ) a detail$ explanation ( ! reasons !re=2 7,,ii7 an evaluation ( ! usefulness ( ! pilot program1 includ+ a detail$ analysis ( any illicit activity id5tifi$ or prev5t$ z a result ( ! program2 & 7,,iii7 a detail$ legislative proposal provid+ = a long-t]m ext5sion ( ! pilot program activities1 includ+ expect$ budget>y res\rces = ! activities1 if ! ,secret>y det]m9es t a long-t]m ext5sion is appropriate4 7,c7 ,prohibition involv+ c]ta9 jurisdictions ,9 issu+ ! regulations requir$ "u subp>agraph 7,a71 ! ,secret>y may n p]mit a f9ancial in/itution to %>e in=mation on reports "u ?is subsection ) a =eign bran*1 subsidi>y1 or affiliate locat$ 9-- 7i7 ! ,p's ,republic ( ,*9a2 7ii7 ! ,russian ,f$]ation2 or 7iii7 a jurisdiction t-- 7,i7 is subject to c\nt]measures impos$ by ! ,f$]al ,gov]nm5t2 7,,ii7 is a /ate sponsor ( t]rorism2 or 7,,iii7 ! ,secret>y has det]m9$ _c reasonably protect ! privacy & confid5tiality ( su* in=mation or w\ld o!rwise use su* in=mation 9 a mann] t is n consi/5t ) ! national int]e/ ( ! ,unit$ ,/ates4 7,d7 ,implem5tation updates ,n lat] ?an #cfj days aft] ! date rules are issu$ "u subp>agraph 7,a71 & annually !reaft] = ?ree ye>s1 ! ,secret>y1 or ! ,secret>y's designee1 %all brief ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate on-- 7i7 ! degree ( any in=mation %>+ p]mitt$ "u ! pilot program1 & a description ( crit]ia us$ by ! ,secret>y to evaluate ! appropriat5ess ( ! in=mation %>+2 7ii7 ! effectiv5ess ( ! pilot program 9 id5tify+ or prev5t+ ! violation ( a ,unit$ ,/ates law or regulation1 & me*anisms t may improve su* effectiv5ess2 & 7iii7 any recomm5dations to am5d ! design ( ! pilot program4 7,e7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ z limit+ ! ,secret>y's au?ority "u provisions ( law o!r ?an ?is p>agraph to e/abli% o!r p]missible purposes or me?ods = a f9ancial in/itution %>+ reports 7& in=mation on su* reports7 "u ?is subsection ) ! in/itution's =eign headqu>t]s or ) o!r bran*es ( ! same in/itution4 7,f7 ,notice ( use ( o!r au?ority ,if ! ,secret>y1 pursuant to any au?ority o!r ?an t provid$ "u ?is p>agraph1 p]mits a f9ancial in/itution to %>e in=mation on reports "u ?is subsection ) a =eign bran*1 subsidi>y1 or affiliate locat$ 9 a =eign jurisdiction1 ! ,secret>y %all notify ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( su* p]mission & ! applicable =eign jurisdiction4 7#f7 ,treatm5t ( =eign jurisdiction-orig9at$ reports ,a report receiv$ by a f9ancial in/itution f a =eign affiliate ) respect to a suspici\s transaction relevant to a possible violation ( law or regulation %all be subject to ! same confid5tiality requirem5ts provid$ "u ?is subsection = a report ( a suspici\s transaction describ$ "u p>agraph 7#a74 4 7#b7 ,notification prohibitions ,section #ecah7;g77#b77;,a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 clause 7i71 by ins]t+ aft] transaction has be5 report$ ! foll[+3 or o!rwise reveal any in=mation t w\ld reveal t ! transaction has be5 report$2 & 7,b7 9 clause 7ii71 by ins]t+ aft] transaction has be5 report$1 ! foll[+3 or o!rwise reveal any in=mation t w\ld reveal t ! transaction has be5 report$14 7b7 ,rulemak+ ,n lat] ?an ! end ( ! #cfj-;day p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue regulations to c>ry out ! am5dm5ts made by ?is section4 #bjb4 ,%>+ ( compliance res\rces 7a7 ,9 g5]al ,section #ecah ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7o7 ,%>+ ( compliance res\rces 7#a7 ,%>+ p]mitt$ ,two or m f9ancial in/itutions may ent] into collaborative arrangem5ts 9 ord] to m effici5tly comply ) ! requirem5ts ( ?is sub*apt]4 7#b7 ,outrea* ,! ,secret>y ( ! ,treasury & ! appropriate sup]vis+ ag5cies %all c>ry out an outrea* program to provide f9ancial in/itutions ) in=mation1 includ+ be/ practices1 ) respect to ! %>+ ( res\rces describ$ "u p>agraph 7#a74 4 7b7 ,rule ( con/ruction ,! am5dm5t made by subsection 7a7 may n be con/ru$ to require f9ancial in/itutions to %>e res\rces4 #bjc4 ,,gao ,/udy on fe$back loops 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy on-- 7#a7 be/ practices )9 ! ,unit$ ,/ates ,gov]nm5t = provid+ fe$back 7fe$back loop7 to relevant p>ties 7includ+ regulat$ private entities7 on ! usage & usefulness ( p]sonally id5tifiable in=mation 7,,pii71 s5sitive-b-unclassifi$ 7,,sbu7 data1 or simil> in=mation provid$ by su* p>ties to ,gov]nm5t us]s ( su* in=mation & data 7includ+ law en=cem5t or regulators72 & 7#b7 any practices or /&>ds inside or outside ! ,unit$ ,/ates = provid+ fe$back ?r\gh s5sitive in=mation & public-private p>tn]%ip in=mation %>+ ef=ts1 specifically relat$ to ef=ts to combat money laund]+ & o!r =ms ( illicit f9ance4 7b7 ,report ,n lat] ?an ! end ( ! #ah-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all issue a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 7#b7 ) respect to ea* ( p>agraphs 7#a7 & 7#b7 ( subsection 7a71 any be/ practices or significant conc]ns id5tifi$ by ! ,comptroll] ,g5]al1 & _! applicability to public-private p>tn]%ips & fe$back loops ) respect to ,u4,s4 ef=ts to combat money laund]+ & o!r =ms ( illicit f9ance2 & 7#c7 recomm5dations to r$uce or elim9ate any unnecess>y ,gov]nm5t collection ( ! in=mation describ$ "u subsection 7a77#a74 #bjd4 ,fin,c,e,n /udy on ,,bsa value 7a7 ,/udy ,! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network %all c>ry out a /udy on ,bank ,secrecy ,act value4 7b7 ,report ,n lat] ?an ! end ( ! #cj-;day p]iod beg9n+ on ! date ! /udy "u subsection 7a7 is complet$1 ! ,director %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u ?is section4 7c7 ,classifi$ annex ,! report requir$ "u ?is section may include a classifi$ annex1 if ! ,director det]m9es x appropriate4 7d7 ,bank ,secrecy ,act def9$ ,= purposes ( ?is section1 ! t]m ,bank ,secrecy ,act has ! mean+ giv5 t t]m "u section #ecab ( title #ca1 ,unit$ ,/ates ,code4 #bje4 ,%>+ ( ?reat patt]n & tr5d in=mation ,section #ecah7;g7 ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #bja7;a77#a71 is fur!r am5d$ by add+ at ! end ! foll[+3 7#g7 ,%>+ ( ?reat patt]n & tr5d in=mation 7,a7 ,,s> ,activity ,review ,! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network %all re/>t publication ( ! ,,s> ,activity ,review - ,tr5ds1 ,tips ,issues1 on n less ?an a semi-annual basis1 to provide mean+ful in=mation ab\t ! prep>ation1 use1 & value ( reports fil$ "u ?is subsection by f9ancial in/itutions1 z well z o!r reports fil$ by f9ancial in/itutions "u ! ,bank ,secrecy ,act4 7,b7 ,inclusion ( typologies ,9 ea* publication describ$ "u subp>agraph 7,a71 ! ,director %all provide f9ancial in/itutions ) typologies1 includ+ data t c be adapt$ 9 algori?ms 7includ+ = artificial intellig5ce & ma*9e le>n+ programs7 :]e appropriate1 on em]g+ money laund]+ & c\nt] t]ror f9anc+ ?reat patt]ns & tr5ds4 7,c7 ,typology def9$ ,= purposes ( ?is p>agraph1 ! t]m typology means ! v>i\s te*niques us$ to laund] money or f9ance t]rorism4 4 #bjf4 ,mod]nization & upgrad+ :i/lebl[] protections 7a7 ,rew>ds ,section #ecbc7;d7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ to read z foll[s3 7d7 ,s\rce ( rew>ds ,= ! purposes ( pay+ a rew>d "u ?is section1 ! ,secret>y may1 subject to am\nts made available 9 advance by appropriation ,acts1 use crim9al f9e1 civil p5alty1 or =feiture am\nts recov]$ bas$ on ! orig9al in=mation ) respect to :i* ! rew>d is be+ paid4 4 7b7 ,:i/lebl[] inc5tives ,*apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by ins]t+ aft] section #ecbc ! foll[+3 #ecbc;,a4 ,:i/lebl[] inc5tives 7a7 ,def9itions ,9 ?is section3 7#a7 ,cov]$ judicial or adm9i/rative action ,! t]m cov]$ judicial or adm9i/rative action means any judicial or adm9i/rative action br\ght by ,fin,c,e,n "u ! ,bank ,secrecy ,act t results 9 monet>y sanctions exce$+ #a1jjj1jjj4 7#b7 ,fin,c,e,n ,! t]m ,fin,c,e,n means ! ,f9ancial ,crimes ,en=cem5t ,network4 7#c7 ,monet>y sanctions ,! t]m monet>y sanctions1 :5 us$ ) respect to any judicial or adm9i/rative action1 means-- 7,a7 any monies1 includ+ p5alties1 disgorgem5t1 & int]e/1 ord]$ to be paid2 & 7,b7 any monies deposit$ into a disgorgem5t fund z a result ( su* action or any settlem5t ( su* action4 7#d7 ,orig9al in=mation ,! t]m orig9al in=mation means in=mation t-- 7,a7 is d]iv$ f ! indep5d5t k or analysis ( a :i/lebl[]2 7,b7 is n kn[n to ,fin,c,e,n f any o!r s\rce1 unless ! :i/lebl[] is ! orig9al s\rce ( ! in=mation2 & 7,c7 is n exclusively d]iv$ f an allegation made 9 a judicial or adm9i/rative he>+1 9 a gov]nm5tal report1 he>+1 audit1 or inve/igation1 or f ! news m$ia1 unless ! :i/lebl[] is a s\rce ( ! in=mation4 7#e7 ,relat$ action ,! t]m relat$ action1 :5 us$ ) respect to any judicial or adm9i/rative action br\ght by ,fin,c,e,n1 means any judicial or adm9i/rative action t is bas$ ^u orig9al in=mation provid$ by a :i/lebl[] t l$ to ! successful en=cem5t ( ! action4 7#f7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#g7 ,:i/lebl[] ,! t]m :i/lebl[] means any individual :o provides1 or #b or m individuals act+ jo9tly :o provide1 in=mation relat+ to a violation ( laws en=c$ by ,fin,c,e,n1 9 a mann] e/abli%$1 by rule or regulation1 by ,fin,c,e,n4 7b7 ,aw>ds 7#a7 ,9 g5]al ,9 any cov]$ judicial or adm9i/rative action1 or relat$ action1 ! ,secret>y1 "u su* rules z ! ,secret>y may issue & subject to subsection 7c71 %all pay an aw>d or aw>ds to #a or m :i/lebl[]s :o volunt>ily provid$ orig9al in=mation to ,fin,c,e,n t l$ to ! successful en=cem5t ( ! cov]$ judicial or adm9i/rative action1 or relat$ action1 9 an aggregate am\nt equal to n m ?an #cj p]c5t1 9 total1 ( :at has be5 collect$ ( ! monet>y sanctions impos$ 9 ! action4 7#b7 ,s\rce ( aw>ds ,= ! purposes ( pay+ any aw>d "u p>agraph 7#a71 ! ,secret>y may1 subject to am\nts made available 9 advance by appropriation ,acts1 use monet>y sanction am\nts recov]$ bas$ on ! orig9al in=mation ) respect to :i* ! aw>d is be+ paid4 7c7 ,det]m9ation ( am\nt ( aw>d2 d5ial ( aw>d 7#a7 ,det]m9ation ( am\nt ( aw>d 7,a7 ,discretion ,! det]m9ation ( ! am\nt ( an aw>d made "u subsection 7b7 %all be 9 ! discretion ( ! ,secret>y4 7,b7 ,crit]ia ,9 respond+ to a disclosure & det]m9+ ! am\nt ( an aw>d made1 ,fin,c,e,n /aff %all meet ) ! :i/lebl[] to discuss evid5ce disclos$ & rebuttals to ! disclosure1 & %all take into consid]ation-- 7i7 ! significance ( ! in=mation provid$ by ! :i/lebl[] to ! success ( ! cov]$ judicial or adm9i/rative action2 7ii7 ! degree ( assi/ance provid$ by ! :i/lebl[] & any legal repres5tative ( ! :i/lebl[] 9 a cov]$ judicial or adm9i/rative action2 7iii7 ! mission ( ,fin,c,e,n 9 det]r+ violations ( ! law by mak+ aw>ds to :i/lebl[]s :o provide in=mation t lead to ! successful en=cem5t ( su* laws2 & 7iv7 su* additional relevant factors z ! ,secret>y may e/abli% by rule4 7#b7 ,d5ial ( aw>d ,no aw>d "u subsection 7b7 %all be made-- 7,a7 to any :i/lebl[] :o is1 or 0 at ! "t ! :i/lebl[] acquir$ ! orig9al in=mation submitt$ to ,fin,c,e,n1 a memb]1 (fic]1 or employee (-- 7i7 an appropriate regulatory ag5cy2 7ii7 ! ,dep>tm5t ( ,ju/ice2 7iii7 a self-regulatory organization2 or 7iv7 a law en=cem5t organization2 7,b7 to any :i/lebl[] :o is convict$ ( a crim9al violation1 or :o ! ,secret>y has a reasonable basis to believe committ$ a crim9al violation1 relat$ to ! judicial or adm9i/rative action = :i* ! :i/lebl[] o!rwise c\ld receive an aw>d "u ?is section2 7,c7 to any :i/lebl[] :o ga9s ! in=mation ?r\gh ! p]=mance ( an audit ( f9ancial /atem5ts requir$ "u ! ,bank ,secrecy ,act & = :om su* submission w\ld be contr>y to its requirem5ts2 or 7,d7 to any :i/lebl[] :o fails to submit in=mation to ,fin,c,e,n 9 su* =m z ! ,secret>y may1 by rule1 require4 7#c7 ,/atem5t ( reasons ,= any decision grant+ or d5y+ an aw>d1 ! ,secret>y %all provide to ! :i/lebl[] a /atem5t ( reasons t includes f9d+s ( fact & conclusions ( law = all mat]ial issues4 7d7 ,repres5tation 7#a7 ,p]mitt$ repres5tation ,any :i/lebl[] :o makes a claim = an aw>d "u subsection 7b7 may be repres5t$ by c\nsel4 7#b7 ,requir$ repres5tation 7,a7 ,9 g5]al ,any :i/lebl[] :o anonym\sly makes a claim = an aw>d "u subsection 7b7 %all be repres5t$ by c\nsel if ! :i/lebl[] anonym\sly submits ! in=mation ^u :i* ! claim is bas$4 7,b7 ,disclosure ( id5tity ,prior to ! paym5t ( an aw>d1 a :i/lebl[] %all disclose _! id5tity & provide su* o!r in=mation z ! ,secret>y may require1 directly or ?r\gh c\nsel = ! :i/lebl[]4 7e7 ,appeals ,any det]m9ation made "u ?is section1 includ+ :e!r1 to :om1 or 9 :at am\nt to make aw>ds1 %all be 9 ! discretion ( ! ,secret>y4 ,any su* det]m9ation1 except ! det]m9ation ( ! am\nt ( an aw>d if ! aw>d 0 made 9 accordance ) subsection 7b71 may be appeal$ to ! appropriate c\rt ( appeals ( ! ,unit$ ,/ates n m ?an #cj days aft] ! det]m9ation is issu$ by ! ,secret>y4 ,! c\rt %all review ! det]m9ation made by ! ,secret>y 9 accordance ) section #gjf ( title #e4 7f7 ,employee protections ,! ,secret>y ( ! ,treasury %all issue regulations protect+ a :i/lebl[] f retaliation1 :i* %all be z close z practicable to ! employee protections provid$ = "u section #ajeg ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj4 2 & 7#b7 9 ! table ( cont5ts = su* *apt]1 by ins]t+ aft] ! item relat+ to section #ecbc ! foll[+ new item3 #ecbc;,a4 ,:i/lebl[] inc5tives4 4 #bjg4 ,c]ta9 violators b>r$ f s]v+ on bo>ds ( ,unit$ ,/ates f9ancial in/itutions ,section #ecba ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7f7 ,c]ta9 violators b>r$ f s]v+ on bo>ds ( ,unit$ ,/ates f9ancial in/itutions 7#a7 ,9 g5]al ,an individual f\nd to h committ$ an egregi\s violation ( a provision ( 7or rule issu$ "u7 ! ,bank ,secrecy ,act %all be b>r$ f s]v+ on ! bo>d ( directors ( a ,unit$ ,/ates f9ancial in/itution = a #aj-ye> p]iod beg9n+ on ! date ( su* f9d+4 7#b7 ,egregi\s violation def9$ ,) respect to an individual1 ! t]m egregi\s violation means-- 7,a7 a felony crim9al violation = :i* ! individual 0 convict$2 & 7,b7 a civil violation :]e ! individual willfully committ$ su* violation & ! violation facilitat$ money laund]+ or ! f9anc+ ( t]rorism4 4 #bjh4 ,additional damages = repeat ,bank ,secrecy ,act violators 7a7 ,9 g5]al ,section #ecba ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #bjh1 is fur!r am5d$ by add+ at ! end ! foll[+3 7g7 ,additional damages = repeat violators ,9 addition to any o!r f9es p]mitt$ by ?is section & section #ecbb1 ) respect to a p]son :o has previ\sly be5 convict$ ( a crim9al provision ( 7or rule issu$ "u7 ! ,bank ,secrecy ,act or :o has admitt$1 z "p ( a def]r$- or non-prosecution agreem5t1 to hav+ previ\sly committ$ a violation ( a crim9al provision ( 7or rule issu$ "u7 ! ,bank ,secrecy ,act1 ! ,secret>y may impose an additional civil p5alty aga9/ su* p]son = ea* additional su* violation 9 an am\nt equal to up ?ree times ! pr(it ga9$ or loss avoid$ by su* p]son z a result ( ! violation4 4 7b7 ,prospective application ( am5dm5t ,= purposes ( det]m9+ :e!r a p]son has committ$ a previ\s violation "u section #ecba7;g7 ( title #ca1 ,unit$ ,/ates ,code1 su* det]m9ation %all only include violations occurr+ aft] ! date ( enactm5t ( ?is ,act4 #bji4 ,ju/ice annual report on def]r$ & non-prosecution agreem5ts 7a7 ,annual report ,! ,attorney ,g5]al %all issue an annual report1 e ye> = ! five ye>s beg9n+ on ! date ( enactm5t ( ?is ,act1 to ! ,committees on ,f9ancial ,s]vices & ! ,judici>y ( ! ,h\se ( ,repres5tatives & ! ,committees on ,bank+1 ,h\s+1 & ,urban ,affairs & ! ,judici>y ( ! ,s5ate conta9+-- 7#a7 a li/ ( def]r$ prosecution agreem5ts & non-prosecution agreem5ts t ! ,attorney ,g5]al has ent]$ into dur+ ! previ\s ye> ) any p]son ) respect to a violation or suspect$ violation ( ! ,bank ,secrecy ,act2 7#b7 ! ju/ification = ent]+ into ea* su* agreem5t2 7#c7 ! li/ ( factors t 7 tak5 into acc\nt 9 det]m9+ t ! ,attorney ,g5]al %\ld ent] into ea* su* agreem5t2 & 7#d7 ! ext5t ( coord9ation ! ,attorney ,g5]al conduct$ ) ! ,f9ancial ,crimes ,en=cem5t ,network prior to ent]+ into ea* su* agreem5t4 7b7 ,classifi$ annex ,ea* report "u subsection 7a7 may include a classifi$ annex4 7c7 ,bank ,secrecy ,act def9$ ,= purposes ( ?is section1 ! t]m ,bank ,secrecy ,act has ! mean+ giv5 t t]m "u section #ecab ( title #ca1 ,unit$ ,/ates ,code4 #baj4 ,return ( pr(its & bonuses 7a7 ,9 g5]al ,section #ecbb ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7e7 ,return ( pr(its & bonuses ,a p]son convict$ ( violat+ a provision ( 7or rule issu$ "u7 ! ,bank ,secrecy ,act %all-- 7#a7 9 addition to any o!r f9e "u ?is section1 be f9$ 9 an am\nt equal to ! pr(it ga9$ by su* p]son by reason ( su* violation1 z det]m9$ by ! c\rt2 & 7#b7 if su* p]son is an individual :o 0 a p>tn]1 director1 (fic]1 or employee ( a f9ancial in/itution at ! "t ! violation occurr$1 repay to su* f9ancial in/itution any bonus paid to su* individual dur+ ! ,f$]al fiscal ye> 9 :i* ! violation occurr$ or ! ,f$]al fiscal ye> aft] :i* ! violation occurr$4 4 7b7 ,rule ( con/ruction ,! am5dm5t made by subsection 7a7 may n be con/ru$ to prohibit a f9ancial in/itution f requir+ ! repaym5t ( a bonus paid to a p>tn]1 director1 (fic]1 or employee if ! f9ancial in/itution det]m9es t ! p>tn]1 director1 (fic]1 or employee engag$ 9 une?ical1 b non-crim9al1 activities4 #baa4 ,application ( ,bank ,secrecy ,act to deal]s 9 antiquities 7a7 ,9 g5]al ,section #ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subp>agraph 7,y71 by /rik+ or at ! end2 7#b7 by r$esignat+ subp>agraph 7,z7 z subp>agraph 7,,aa72 & 7#c7 by ins]t+ aft] subsection 7,y7 ! foll[+3 7,z7 a p]son trad+ or act+ z an int]m$i>y 9 ! trade ( antiquities1 includ+ an advisor1 consultant or any o!r p]son :o engages z a bus9ess 9 ! solicitation ( ! sale ( antiquities2 or 4 7b7 ,/udy on ! facilitation ( money laund]+ & t]ror f9ance ?r\gh ! trade ( works ( art or antiquities 7#a7 ,/udy ,! ,secret>y ( ! ,treasury1 9 coord9ation ) ,f$]al ,bureau ( ,inve/igation1 ! ,attorney ,g5]al1 & ,homel& ,security ,inve/igations1 %all p]=m a /udy on ! facilitation ( money laund]+ & t]ror f9ance ?r\gh ! trade ( works ( art or antiquities1 includ+ an analysis (-- 7,a7 ! ext5t to :i* ! facilitation ( money laund]+ & t]ror f9ance ?r\gh ! trade ( works ( art or antiquities may ent] or affect ! f9ancial sy/em ( ! ,unit$ ,/ates1 includ+ any qualitative data or /ati/ics2 7,b7 :e!r ?re%olds & def9itions %\ld apply 9 det]m9+ :i* entities to regulate2 7,c7 an evaluation ( :i* m>kets1 by size1 entity type1 dome/ic or int]national geographical locations1 or o!rwise1 %\ld be subject to regulations1 b only to ! ext5t su* m>kets are n already requir$ to report on ! trade ( works ( art or antiquities to ! ,f$]al ,gov]nm5t2 7,d7 an evaluation ( :e!r c]ta9 exemptions %\ld apply2 & 7,e7 any o!r po9ts ( /udy or analysis ! ,secret>y det]m9es necess>y or appropriate4 7#b7 ,report ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u p>agraph 7#a74 7c7 ,rulemak+ ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ! ,secret>y issues ! report requir$ "u subsection 7b77#b71 ! ,secret>y %all issue regulations to c>ry out ! am5dm5ts made by subsection 7a74 #bab4 ,geographic t>get+ ord] ,! ,secret>y ( ! ,treasury %all issue a geographic t>get+ ord]1 simil> to ! ord] issu$ by ! ,f9ancial ,crimes ,en=cem5t ,network on ,novemb] #ae1 #bjah1 t-- 7#a7 applies to comm]cial real e/ate to ! same ext5t1 ) ! exception ( hav+ ! same ?re%olds1 z ! ord] issu$ by ,fin,c,e,n on ,novemb] #ae1 #bjah1 applies to resid5tial real e/ate2 & 7#b7 e/abli%es a specific ?re%old = comm]cial real e/ate4 #bac4 ,/udy & revisions to curr5cy transaction reports & suspici\s activity reports 7a7 ,curr5cy transaction reports 7#a7 ,,ctr index$ = inflation 7,a7 ,9 g5]al ,e #e ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all revise regulations issu$ ) respect to section #ecac ( title #ca1 ,unit$ ,/ates ,code1 to update ea* #aj1jjj ?re%old am\nt 9 su* regulation to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,dep>tm5t ( ,labor1 r\nd$ to ! ne>e/ #ajj4 ,= purposes ( calculat+ ! *ange describ$ 9 ! previ\s s5t5ce1 ! ,secret>y %all use #aj1jjj z ! base am\nt & ! date ( enactm5t ( ?is ,act z ! base date4 7,b7 ,exception ,not)/&+ subp>agraph 7,a71 ! ,secret>y may make appropriate adju/m5ts to ! ?re%old am\nts describ$ "u subp>agraph 7,a7 9 high-risk areas 7e4g41 ,high ,int5sity ,f9ancial ,crime ,areas or ,h,i,f,c,as71 if ! ,secret>y has demon/rable evid5ce t %[s a ?re%old raise w\ld increase s]i\s crimes1 su* z traffick+1 or endang] national security4 7#b7 ,,gao ,,ctr /udy 7,a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy ( curr5cy transaction reports4 ,su* /udy %all include-- 7i7 a review 7c>ri$ out 9 consultation ) ! ,secret>y ( ! ,treasury1 ! ,f9ancial ,crimes ,en=cem5t ,network1 ! ,unit$ ,/ates ,attorney ,g5]al1 ! ,/ate ,attorneys ,g5]al1 & ,/ate1 ,tribal1 & local law en=cem5t7 ( ! effectiv5ess ( ! curr5t curr5cy transaction report+ regime2 7ii7 an analysis ( ! importance ( curr5cy transaction reports to law en=cem5t2 & 7iii7 an analysis ( ! effects ( rais+ ! curr5cy transaction report ?re%old4 7,b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al %all issue a report to ! ,secret>y ( ! ,treasury & ! ,congress conta9+-- 7i7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subp>agraph 7,a72 & 7ii7 recomm5dations = improv+ ! curr5t curr5cy transaction report+ regime4 7b7 ,modifi$ ,s,a,rs /udy & design 7#a7 ,/udy ,! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network %all c>ry out a /udy1 9 consultation ) indu/ry /akehold]s 7includ+ money s]vices bus9esses1 community banks1 & cr$it unions71 regulators1 & law en=cem5t1 ( ! design ( a modifi$ suspici\s activity report =m = c]ta9 cu/om]s & activities4 ,su* /udy %all include-- 7,a7 an exam9ation ( appropriate optimal ,s,a,rs ?re%olds to det]m9e ! level at :i* a modifi$ ,s,a,rs =m c\ld be employ$2 7,b7 an evaluation ( :i* cu/om]s or transactions w\ld be appropriate = a modifi$ ,,s>1 includ+-- 7i7 season$ bus9ess cu/om]s2 7ii7 f9ancial te*nology 7,f9te*7 firms2 7iii7 /ructur+ transactions2 & 7iv7 any o!r cu/om] or transaction t may be appropriate = a modifi$ ,,s>2 & 7,c7 an analysis ( ! mo/ effective me?ods to r$uce ! regulatory burd5 impos$ on f9ancial in/itutions 9 comply+ ) ! ,bank ,secrecy ,act1 includ+ an analysis ( ! effect (-- 7i7 modify+ ?re%olds2 7ii7 %ort5+ =ms2 7iii7 comb9+ ,bank ,secrecy ,act =ms2 7iv7 fil+ reports 9 p]iodic bat*es2 & 7v7 any o!r me?od t may r$uce ! regulatory burd54 7#b7 ,/udy consid]ations ,9 c>ry+ out ! /udy requir$ "u p>agraph 7#a71 ! ,director %all seek to balance law en=cem5t priorities1 regulatory burd5s exp]i5c$ by f9ancial in/itutions1 & ! requirem5t = reports to h a high degree ( usefulness to law en=cem5t "u ! ,bank ,secrecy ,act4 7#c7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,director %all issue a report to ,congress conta9+-- 7,a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 & 7,b7 sample designs ( modifi$ ,s,a,rs =ms bas$ on ! /udy results4 7#d7 ,contract+ au?ority ,! ,director may contract ) a private ?ird-p>ty to c>ry out ! /udy requir$ "u ?is subsection4 ,! au?ority ( ! ,director to ent] into contracts "u ?is p>agraph %all be 9 effect = ea* fiscal ye> only to ! ext5t & 9 ! am\nts z are provid$ 9 advance 9 appropriations ,acts4 7c7 ,def9itions ,= purposes ( ?is section3 7#a7 ,bank ,secrecy ,act ,! t]m ,bank ,secrecy ,act has ! mean+ giv5 t t]m "u section #ecab ( title #ca1 ,unit$ ,/ates ,code4 7#b7 ,regulatory burd5 ,! t]m regulatory burd5 means ! man-h\rs to complete fil+s1 co/ ( data collection & analysis1 & o!r consid]ations ( *apt] #ce ( title #dd1 ,unit$ ,/ates ,code 7commonly ref]r$ to z ! ,pap]work ,r$uction ,act74 7#c7 ,,s>2 suspici\s activity report ,! t]m ,,s> & suspici\s activity report mean a report ( a suspici\s transaction "u section #ecah7;g7 ( title #ca1 ,unit$ ,/ates ,code4 7#d7 ,season$ ,bus9ess ,cu/om] ,! t]m season$ bus9ess cu/om]1 %all h su* mean+ z ! ,secret>y ( ! ,treasury %all prescribe1 :i* %all include any p]son t-- 7,a7 is incorporat$ or organiz$ "u ! laws ( ! ,unit$ ,/ates or any ,/ate1 or is regi/]$ z1 lic5s$ by1 or o!rwise eligible to d bus9ess )9 ! ,unit$ ,/ates1 a ,/ate1 or political subdivision ( a ,/ate2 7,b7 has ma9ta9$ an acc\nt ) a f9ancial in/itution = a l5g? ( "t z det]m9$ by ! ,secret>y2 & 7,c7 meet su* o!r requirem5ts z ! ,secret>y may det]m9e necess>y or appropriate4 #bad4 ,/reaml9+ requirem5ts = curr5cy transaction reports & suspici\s activity reports 7a7 ,review ,! ,secret>y ( ! ,treasury 79 consultation ) ,f$]al law en=cem5t ag5cies1 ! ,director ( ,national ,intellig5ce1 & ! ,f$]al functional regulators & 9 consultation ) o!r relevant /akehold]s7 %all und]take a =mal review ( ! curr5t f9ancial in/itution report+ requirem5ts "u ! ,bank ,secrecy ,act & its implem5t+ regulations & propose *anges to fur!r r$uce regulatory burd5s1 & ensure t ! in=mation provid$ is ( a high degree ( usefulness to law en=cem5t1 z set =? "u section #ecaa ( title #ca1 ,unit$ ,/ates ,code4 7b7 ,cont5ts ,! review requir$ "u subsection 7a7 %all include a /udy (-- 7#a7 :e!r ! timeframe = fil+ a suspici\s activity report %\ld be increas$ f #cj days2 7#b7 :e!r or n curr5cy transaction report & suspici\s activity report ?re%olds %\ld be ti$ to inflation or o!rwise p]iodically be adju/$2 7#c7 :e!r ! circum/ances "u :i* a f9ancial in/itution det]m9es :e!r to file a cont9u+ suspici\s activity report1 or ! processes foll[$ by a f9ancial in/itution 9 det]m9+ :e!r to file a cont9u+ suspici\s activity report 7or bo?7 c be n>r[$2 7#d7 analyz+ ! fields designat$ z critical on ! suspici\s activity report =m & :e!r ! numb] ( fields %\ld be r$uc$2 7#e7 ! increas$ use ( exemption provisions to r$uce curr5cy transaction reports t are ( little or no value to law en=cem5t ef=ts2 7#f7 ! curr5t f9ancial in/itution report+ requirem5ts "u ! ,bank ,secrecy ,act & its implem5t+ regulations & guidance2 & 7#g7 su* o!r items z ! ,secret>y det]m9es appropriate4 7c7 ,report ,n lat] ?an ! end ( ! "o ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury1 9 consultation ) law en=cem5t & p]sons subject to ,bank ,secrecy ,act requirem5ts1 %all issue a report to ! ,congress conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! review requir$ "u subsection 7a74 7d7 ,def9itions ,= purposes ( ?is section3 7#a7 ,f$]al functional regulator ,! t]m ,f$]al functional regulator has ! mean+ giv5 t t]m "u section #ajc4 7#b7 ,o!r t]ms ,! t]ms ,bank ,secrecy ,act & f9ancial in/itution h ! mean+ giv5 ^? t]ms1 respectively1 "u section #ecab ( title #ca1 ,unit$ ,/ates ,code4 ,,iii ,mod]niz+ ! ,,aml ,sy/em #cja4 ,enc\rag+ innovation 9 ,,bsa compliance ,section #ecah ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #bjb1 is fur!r am5d$ by add+ at ! end ! foll[+3 7p7 ,enc\rag+ innovation 9 compliance 7#a7 ,9 g5]al ,! ,f$]al functional regulators %all enc\rage f9ancial in/itutions to consid]1 evaluate1 &1 :]e appropriate1 responsibly implem5t innovative approa*es to meet ! requirem5ts ( ?is sub*apt]1 includ+ ?r\gh ! use ( innovation pilot programs4 7#b7 ,exemptive relief ,! ,secret>y1 pursuant to subsection 7a71 may provide exemptions f ! requirem5ts ( ?is sub*apt] if ! ,secret>y det]m9es su* exemptions are necess>y to facilitate ! te/+ & pot5tial use ( new te*nologies & o!r innovations4 7#c7 ,rule ( con/ruction ,?is subsection may n be con/ru$ to require f9ancial in/itutions to consid]1 evaluate1 or implem5t innovative approa*es to meet ! requirem5ts ( ! ,bank ,secrecy ,act4 7#d7 ,f$]al functional regulator def9$ ,9 ?is subsection1 ! t]m ,f$]al functional regulator means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,securities & ,ex*ange ,commission1 & ! ,commodity ,futures ,trad+ ,commission4 4 #cjb4 ,innovation ,labs 7a7 ,9 g5]al ,sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #eccc4 ,innovation ,labs 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ! ,dep>tm5t ( ! ,treasury & ea* ,f$]al functional regulator an ,innovation ,lab4 7b7 ,director ,! head ( ea* ,innovation ,lab %all be a ,director1 to be appo9t$ by ! ,secret>y ( ! ,treasury or ! head ( ! ,f$]al functional regulator1 z applicable4 7c7 ,duties ,! duties ( ! ,innovation ,lab %all be-- 7#a7 to provide outrea* to law en=cem5t ag5cies1 f9ancial in/itutions1 & o!r p]sons 7includ+ v5dors & te*nology companies7 ) respect to innovation & new te*nologies t may be us$ to comply ) ! requirem5ts ( ! ,bank ,secrecy ,act2 7#b7 to support ! implem5tation ( responsible innovation & new te*nology1 9 a mann] t complies ) ! requirem5ts ( ! ,bank ,secrecy ,act2 7#c7 to explore opportunities = public-private p>tn]%ips2 & 7#d7 to develop metrics ( success4 7d7 ,fin,c,e,n lab ,! ,innovation ,lab e/abli%$ "u subsection 7a7 )9 ! ,dep>tm5t ( ! ,treasury %all be a lab )9 ! ,f9ancial ,crimes ,en=cem5t ,network4 7e7 ,f$]al functional regulator def9$ ,9 ?is subsection1 ! t]m ,f$]al functional regulator means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,comptroll] ( ! ,curr5cy1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,securities & ,ex*ange ,commission1 & ! ,commodity ,futures ,trad+ ,commission4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #eccc4 ,innovation ,labs4 4 #cjc4 ,innovation ,c\ncil 7a7 ,9 g5]al ,sub*apt] ,,ii ( *apt] #ec ( ,title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #cjb1 is fur!r am5d$ by add+ at ! end ! foll[+3 #eccd4 ,innovation ,c\ncil 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,innovation ,c\ncil 7h]e9aft] 9 ?is section ref]r$ to z ! ,c\ncil71 :i* %all consi/ ( ea* ,director ( an ,innovation ,lab e/abli%$ "u section #eccd & ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network4 7b7 ,*air ,! ,director ( ! ,innovation ,lab ( ! ,dep>tm5t ( ! ,treasury %all s]ve z ! ,*air ( ! ,c\ncil4 7c7 ,duty ,! memb]s ( ! ,c\ncil %all coord9ate on activities relat$ to innovation "u ! ,bank ,secrecy ,act1 b may n supplant individual ag5cy det]m9ations on innovation4 7d7 ,meet+s ,! meet+s ( ! ,c\ncil-- 7#a7 %all be at ! call ( ! ,*air1 b 9 no case may ! ,c\ncil meet less ?an semi-annually2 7#b7 may include op5 & clos$ sessions1 z det]m9$ necess>y by ! ,c\ncil2 & 7#c7 %all include p>ticipation by public & private entities & law en=cem5t ag5cies4 7e7 ,report ,! ,c\ncil %all issue an annual report1 = ea* ( ! #g ye>s beg9n+ on ! date ( enactm5t ( ?is section1 to ! ,secret>y ( ! ,treasury on ! activities ( ! ,c\ncil dur+ ! previ\s ye>1 includ+ ! success ( programs z measur$ by metrics ( success develop$ pursuant to section #eccd7;c77#d71 & any regulatory or legislative recomm5dations t ! ,c\ncil may h4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ ! end ! foll[+3 #eccd4 ,innovation ,c\ncil4 4 #cjd4 ,te/+ me?ods rulemak+ 7a7 ,9 g5]al ,section #ecah ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #cja1 is fur!r am5d$ by add+ at ! end ! foll[+3 7q7 ,te/+ 7#a7 ,9 g5]al ,! ,secret>y ( ! ,treasury1 9 consultation ) ! head ( ea* ag5cy to :i* ! ,secret>y has delegat$ duties or p[]s "u subsection 7a71 %all issue a rule to specify-- 7,a7 ) respect to te*nology & relat$ te*nology-int]nal processes 7new te*nology7 design$ to facilitate compliance ) ! ,bank ,secrecy ,act requirem5ts1 ! /&>ds by :i* f9ancial in/itutions are to te/ new te*nology2 & 7,b7 9 :at in/ances or "u :at circum/ance & crit]ia a f9ancial in/itution may replace or t]m9ate legacy te*nology & processes = any exam9able te*nology or process )\t ! replacem5t or t]m9ation be+ det]m9$ an exam9ation defici5cy4 7#b7 ,/&>ds ,! /&>ds describ$ "u p>agraph 7#a7 may include-- 7,a7 an emphasis on us+ innovative approa*es1 su* z ma*9e le>n+1 r ?an rules-bas$ sy/ems2 7,b7 risk-bas$ back-te/+ ( ! regime to facilitate calibration ( relevant sy/ems2 7,c7 requirem5ts = appropriate data privacy & security2 & 7,d7 a requirem5t t ! algori?ms us$ by ! regime be disclos$ to ! ,f9ancial ,crimes ,en=cem5t ,network1 ^u reque/4 7#c7 ,confid5tiality ( algori?ms ,if a f9ancial in/itution or any director1 (fic]1 employee1 or ag5t ( any f9ancial in/itution1 volunt>ily or pursuant to ?is subsection or any o!r au?ority1 discloses ! in/itution's algori?ms to a ,gov]nm5t ag5cy1 su* algori?ms & any mat]ials associat$ ) ! creation ( su* algori?ms %all be consid]$ confid5tial & n subject to public disclosure4 4 7b7 ,update ( manual ,! ,f9ancial ,in/itutions ,exam9ation ,c\ncil %all ensure-- 7#a7 t any manual prep>$ by ! ,c\ncil is updat$ to reflect ! rulemak+ requir$ by ! am5dm5t made by subsection 7a72 & 7#b7 t f9ancial in/itutions are n p5aliz$ = ! decisions bas$ on su* rulemak+ to replace or t]m9ate te*nology us$ = compliance ) ! ,bank ,secrecy ,act 7z def9$ "u section #ecab ( title #ca1 ,unit$ ,/ates ,code7 or o!r anti-money laund]+ laws4 #cje4 ,fin,c,e,n /udy on use ( em]g+ te*nologies 7a7 ,/udy 7#a7 ,9 g5]al ,! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network 7,fin,c,e,n7 %all c>ry out a /udy on-- 7,a7 ! /atus ( implem5tation & int]nal use ( em]g+ te*nologies1 includ+ artificial intellig5ce 7,,ai71 digital id5tity te*nologies1 block*a9 te*nologies1 & o!r innovative te*nologies )9 ,fin,c,e,n2 7,b7 :e!r ,,ai1 digital id5tity te*nologies1 block*a9 te*nologies1 & o!r innovative te*nologies c be fur!r lev]ag$ to make ,fin,c,e,n's data analysis m effici5t & effective2 & 7,c7 h[ ,fin,c,e,n c\ld bett] utilize ,,ai1 digital id5tity te*nologies1 block*a9 te*nologies1 & o!r innovative te*nologies to m actively analyze & dissem9ate ! in=mation x collects & /ores to provide inve/igative leads to ,f$]al1 ,/ate1 ,tribal1 & local law en=cem5t1 & o!r ,f$]al ag5cies 7collective1 ,ag5cies71 & bett] support its ongo+ inve/igations :5 ref]r+ a case to ! ,ag5cies4 7#b7 ,inclusion ( ,,gto data ,! /udy requir$ "u ?is subsection %all include data collect$ ?r\gh ! ,geographic ,t>get+ ,ord]s 7,,gto7 program4 7#c7 ,consultation ,9 conduct+ ! /udy requir$ "u ?is subsection1 ,fin,c,e,n %all consult ) ! ,directors ( ! ,innovations ,labs e/abli%$ 9 section #cjb4 7b7 ,report ,n lat] ?an ! end ( ! #f-mon? p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,director %all issue a report to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives conta9+-- 7#a7 all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a72 7#b7 ) respect to ea* ( subp>agraphs 7,a71 7,b7 & 7,c7 ( subsection 7a77#a71 any be/ practices or significant conc]ns id5tifi$ by ! ,director1 & _! applicability to ,,ai1 digital id5tity te*nologies1 block*a9 te*nologies1 & o!r innovative te*nologies ) respect to ,u4,s4 ef=ts to combat money laund]+ & o!r =ms ( illicit f9ance2 & 7#c7 any policy recomm5dations t c\ld facilitate & improve communication & coord9ation betwe5 ! private sector1 ,fin,c,e,n1 & ,ag5cies ?r\gh ! implem5tation ( innovative approa*es1 9 ord] to meet _! ,bank ,secrecy ,act 7z def9$ "u section #ecab ( title #ca1 ,unit$ ,/ates ,code7 & anti-money laund]+ compliance obligations4 #cjf4 ,discretion>y surplus funds 7a7 ,9 g5]al ,section #g7;a77#c77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is am5d$ by /rik+ #f1hbe1jjj1jjj & ins]t+ #f1gih1jjj1jjj4 7b7 ,effective date ,! am5dm5t made by subsection 7a7 %all take effect on ,septemb] #cj1 #bjbi4 ,pass$ ! ,h\se ( ,repres5tatives ,octob] #bb1 #bjai4;,cl]k4