,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #bead ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,may #c1 #bjai,mr4 ,cleav] introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committee on ,ways & ,means1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to make re=ms to ! ,f$]al ,bank ,secrecy ,act & anti-money laund]+ laws1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ 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 ,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 ,fin,c,e,n ,comp5sation4 ,sec4 #ajc4 ,civil ,lib]ties & ,privacy ,(fic]4 ,sec4 #ajd4 ,privacy & ,civil ,lib]ties ,c\ncil4 ,sec4 #aje4 ,int]national coord9ation4 ,sec4 #ajf4 ,treasury ,atta* ,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 ,de-risk+ report4 ,title ,,ii--,improv+ ,,aml_/,,cft ,ov]sight ,sec4 #bja4 ,%>+ ( suspici\s activity reports )9 a f9ancial gr\p4 ,sec4 #bjb4 ,tra9+ = exam9]s on ,,aml_/,,cft4 ,sec4 #bjc4 ,%>+ ( compliance res\rces4 ,sec4 #bjd4 ,,gao ,/udy on fe$back loops4 ,sec4 #bje4 ,fin,c,e,n /udy on ,,bsa value4 ,sec4 #bjf4 ,section #cad7;a7 improvem5ts4 ,sec4 #bjg4 ,%>+ ( ?reat patt]n & tr5d in=mation4 ,sec4 #bjh4 ,mod]nization & upgrad+ :i/lebl[] protections4 ,sec4 #bji4 ,c]ta9 violators b>r$ f s]v+ on public company bo>ds4 ,sec4 #baj4 ,additional damages = repeat ,bank ,secrecy ,act violators4 ,sec4 #baa4 ,ju/ice annual report on def]r$ & nonprosecution agreem5ts4 ,sec4 #bab4 ,return ( pr(its & bonuses4 ,sec4 #bac4 ,prohibition on tax d$uctions = attorney's fees relat$ to ,bank ,secrecy ,act settlem5ts & c\rt co/s4 ,sec4 #bad4 ,application ( ,bank ,secrecy ,act to deal]s 9 art or antiquities4 ,sec4 #bae4 ,revision to geographic t>get+ ord]4 ,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 ,p>allel runs rulemak+4 #b4 ,bank ,secrecy ,act def9ition ,section #ecab7;a7 ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,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$-- 7#a7 by ins]t+ to protect our national security1 to safegu>d ! integrity ( ! int]national f9ancial sy/em1 & be=e to require2 & 7#b7 by ins]t+ to law en=cem5t be=e 9 crim9al4 #ajb4 ,fin,c,e,n ,comp5sation ,section #caj ( title #ca1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by r$esignat+ subsection 7d7 z subsection 7f72 & 7#b7 by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,employee comp5sation ,9 fix+ ! comp5sation = employees ( ,fin,c,e,n1 ! ,secret>y %all-- 7#a7 fix su* comp5sation )\t reg>d to ! provisions ( *apt] #ea or sub*apt] ,,iii ( *apt] #ec ( title #e1 ,unit$ ,/ates ,code2 & 7#b7 ensure t su* comp5sation is comp>able to ! comp5sation provid$ by ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,(fice ( ! ,comptroll] ( ! ,curr5cy4 4 #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 f9ancial regulator1 by ! head ( ! ,f$]al f9ancial regulator2 7#b7 )9 ! ,f9ancial ,crimes ,en=cem5t ,network1 by ! ,secret>y ( ! ,treasury2 & 7#c7 )9 ! ,int]nal ,rev5ue ,s]vice ,crim9al ,inve/igation1 by ! ,secret>y ( ! ,treasury4 7b7 ,duties ,ea* ,civil ,lib]ties & ,privacy ,(fic] %all1 ) respect to ! applicable regulator1 ,network1 or ,inve/igation )9 :i* ! ,(fic] is locat$-- 7#a7 be consult$ ea* "t ! regulations are develop$ or review$2 7#b7 be consult$ on in=mation-%>+ activities1 includ+ activities t provide access to p]sonally id5tifiable in=mation2 & 7#c7 contribute to ! evaluation & regulation ( new te*nologies4 7c7 ,f$]al f9ancial regulator def9$ ,= purposes ( ?is section1 ! t]m ,f$]al f9ancial regulator means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,bureau ( ,consum] ,f9ancial ,protection1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 & ! ,(fice ( ! ,comptroll] ( ! ,curr5cy4 #ajd4 ,privacy & ,civil ,lib]ties ,c\ncil 7a7 ,e/abli%m5t ,!re is e/abli%$ ! ,privacy & ,civil ,lib]ties ,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 ,! ,civil ,lib]ties & ,privacy ,(fic] ( ! ,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 ,privacy & ,civil ,lib]ties ,(fic]s4 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 & clos$ sessions1 z det]m9$ necess>y by ! ,c\ncil2 & 7#c7 may include p>ticipation by public & private entities & law en=cem5t ag5cies4 7e7 ,report ,! ,c\ncil %all issue an annual report to ! ,congress on ! activities ( ! ,c\ncil dur+ ! previ\s ye> & any legislative recomm5dations t ! ,c\ncil may h4 #aje4 ,int]national coord9ation ,! ,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 & ! ,unit$ ,nations1 to promote /rong] anti-money laund]+ frameworks & en=cem5t ( anti-money laund]+ laws4 #ajf4 ,treasury ,atta* ,program 7a7 ,9 g5]al ,title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] section #cae ! foll[+3 #caf4 ,treasury ,atta* ,program 7a7 ,9 g5]al ,!re is e/abli%$ ! ,treasury ,atta* ,program1 "u :i* ! ,secret>y ( ! ,treasury %all appo9t employees ( ! ,dep>tm5t ( ! ,treasury z a ,treasury atta*1 :o %all-- 7#a7 h exp]tise 9 ,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*anges2 & 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] 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* ,program4 4 #ajg4 ,increas+ te*nical assi/ance = int]national coop]ation ,!re is au?oriz$ to be appropriat$ = fiscal ye> #bjbj to ! ,secret>y ( ! ,treasury = purposes ( provid+ te*nical assi/ance = int]national coop]ation an am\nt equal to twice ! am\nt au?oriz$ = su* purpose = fiscal ye> #bjai4 #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 ( ano!r ,f$]al ag5cy 9 su* region72 7,c7 provide education to1 & coord9ation )1 bo? public- & private-sector entities ) respect to ,fin,c,e,n2 & 7,d7 p]=m outrea* to f9ancial in/itutions 7includ+ non-bank f9ancial in/itutions7 & p]sons :o are n f9ancial in/itutions1 especially ) respect to actions tak5 by ,fin,c,e,n t require specific actions by1 or h specific effects on1 su* in/itutions or p]sons1 z det]m9$ by ! ,director4 7#b7 ,f9ancial in/itution def9$ ,9 ?is subsection1 ! t]m f9ancial in/itution has ! mean+ giv5 t t]m "u section #ecab4 4 #aji4 ,fin,c,e,n ,ex*ange 7a7 ,9 g5]al ,section #cad7;a7 ( ! ,,usa ,,patriot ,act 7#ca ,u4,s4,c4 #ecaa note7 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,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 fur!r ! purpose describ$ "u p>agraph 7#a7 by facilitat+ a volunt>y public-private in=mation %>+ p>tn]%ip among law en=cem5t1 f9ancial in/itutions1 & ,fin,c,e,n to-- 7i7 effectively & effici5tly combat money laund]+1 t]rorism f9anc+1 organiz$ crime1 & o!r f9ancial crimes2 7ii7 protect ! f9ancial sy/em f illicit use2 & 7iii7 promote national security4 7,c7 ,fin,c,e,n def9$ ,9 ?is p>agraph1 ! t]m ,fin,c,e,n means ! ,f9ancial ,crimes ,en=cem5t ,network ( ! ,dep>tm5t ( ! ,treasury4 4 7b7 ,au?orization ( appropriation ,!re is au?oriz$ to be appropriat$ su* sums z may be necess>y to c>ry out ! am5dm5t made by subsection 7a74 #aaj4 ,/udy & /rategy on trade-bas$ money laund]+ 7a7 ,/udy ,! ,secret>y ( ! ,treasury %all c>ry out a /udy1 9 consultation ) o!r appropriate ,f$]al dep>tm5ts & ag5cies1 on trade-bas$ money laund]+4 7b7 ,report ,n lat] ?an ! end ( ! #i-mon? 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$ annex1 if ! ,secret>y det]m9es x appropriate4 #aaa4 ,de-risk+ report 7a7 ,review ,! ,secret>y ( ! ,treasury1 9 consultation ) ! ,f$]al functional regulators 7z def9$ "u section #ajc7 & o!r relevant /akehold]s1 %all und]take a =mal review (-- 7#a7 ! 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$]al ,regulations71 c\ntries1 regions1 & respond5t banks2 7#b7 ! reasons :y f9ancial in/itutions are engag+ 9 de-risk+2 7#c7 ! association ) & effects ( de-risk+ on money laund]+ & f9ancial crime actors & activities2 & 7#d7 ! mo/ appropriate ways to promote f9ancial inclusion :ile ma9ta9+ compliance ) ! ,bank ,secrecy ,act4 7b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y1 9 consultation ) ! ,f$]al functional regulators & o!r relevant /akehold]s1 %all issue a report to ,congress conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "u subsection 7a74 7c7 ,def9itions ,9 ?is section3 7#a7 ,de-risk+ ,! t]m de-risk+ means ! clos+ ( cu/om] acc\nts or limit+ s]vices ( a category ( cu/om] due to p]ceiv$ 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 ( title #ca1 ,unit$ ,/ates ,code4 ,,ii ,improv+ ,,aml_/,,cft ,ov]sight #bja4 ,%>+ ( 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 ,%>+ ) =eign bran*es1 subsidi>ies1 & affiliates 7,a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is p>agraph1 ! ,secret>y ( ! ,treasury %all issue rules p]mitt+ any f9ancial in/itution ) a report+ obligation "u ?is subsection to %>e in=mation on reports "u ?is subsection ) ! in/itution's =eign bran*es1 subsidi>ies1 & affiliates = ! purposes ( combat+ illicit f9ance risks1 not)/&+ any o!r provision ( law except subp>agraph 7,b74 7,b7 ,exception ,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 a jurisdiction t-- 7i7 is subject to c\nt]measures impos$ by ! ,f$]al ,gov]nm5t2 or 7ii7 ! ,secret>y1 9 consultation ) ! ,civil ,lib]ties & ,privacy ,(fic] ( ! ,f9ancial ,crimes ,en=cem5t ,network1 has det]m9$ _c reasonably protect ! privacy & confid5tiality ( su* in=mation4 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$1 includ+ mat]ials prep>$ or us$ by ! f9ancial in/itution = ! purpose ( id5tify+ & detect+ pot5tially suspici\s activity2 & 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$1 includ+ mat]ials prep>$ or us$ by ! f9ancial in/itution = ! purpose ( id5tify+ & detect+ pot5tially suspici\s activity14 7b7 ,rulemak+ ,n lat] ?an ! end ( ! #ahj-;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 ,tra9+ = exam9]s on ,,aml_/,,cft ,! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccja et seq47 is am5d$-- 7#a7 by mov+ section #ajji;,a s z to appe> aft] section #ajji2 & 7#b7 by ins]t+ aft] section #ajji;,a1 z s mov$1 ! foll[+3 #ajji;,b4 ,,aml_/,,cft ,tra9+ 7a7 ,tra9+ requirem5t ,ea* exam9] employ$ by a ,f$]al f9ancial in/itutions regulatory ag5cy %all att5d at lea/ #aj h\rs ( annual tra9+ on anti-money laund]+ 7,,aml7 & ! c\nt]+ ( ! f9anc+ ( t]rorism 7,,cft71 includ+-- 7#a7 pot5tial risk pr(iles & r$ flags t may be enc\nt]$ dur+ exam9ations2 7#b7 f9ancial crime patt]ns & tr5ds2 7#c7 ! high-level context = :y ,,aml & ,,cft programs are necess>y = law en=cem5t ag5cies & o!r national security ag5cies1 & :at risks ! programs seek to mitigate2 & 7#d7 de-risk+ & its effect on ! provision ( f9ancial s]vices4 7b7 ,tra9+ mat]ials & /&>ds ,! ,c\ncil %all e/abli% uni=m tra9+ mat]ials & /&>ds = use 9 ! tra9+ requir$ "u subsection 7a74 4 #bjc4 ,%>+ ( 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 effici5cy 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 #bjd4 ,,gao ,/udy on fe$back loops 7a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all c>ry out a /udy on-- 7#a7 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 outside ! ,unit$ ,/ates = provid+ fe$back loops on s5sitive in=mation & public-private p>tn]%ip in=mation %>+ ef=ts1 specifically relat$ 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$back loops ) respect to ,u4,s4 ef=ts to combat money laund]+ & o!r =ms ( illicit f9ance4 #bje4 ,fin,c,e,n /udy on ,,bsa value 7a7 ,/udy ,! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network %all c>ry out a /udy on ,bank ,secrecy ,act value4 7b7 ,report ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,director %all issue a report to ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate conta9+ all f9d+s & det]m9ations made 9 c>ry+ out ! /udy requir$ "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 #bjf4 ,section #cad7;a7 improvem5ts ,section #cad7;a7 ( ! ,,usa ,,patriot ,act 7#ca ,u4,s4,c4 #ecaa note71 z am5d$ by section #aji1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#g7 ,po9t ( contact li/ 7,a7 ,9 g5]al ,! ,secret>y %all ma9ta9 a li/ conta9+ contact in=mation = ) respect to a law en=cem5t ag5cy1 ^? individuals :o s]ve z po9ts ( contact = a ,suspici\s ,activity ,report review committee4 7,b7 ,availability ( li/ ,! ,secret>y %all make ! li/ ( contact in=mation describ$ "u subp>agraph 7,a7 available to all f9ancial in/itutions & law en=cem5t ag5cies4 4 #bjg4 ,%>+ ( ?reat patt]n & tr5d in=mation ,section #cad7;a7 ( ! ,,usa ,,patriot ,act 7#ca ,u4,s4,c4 #ecaa note71 z am5d$ by section #bjf1 is fur!r am5d$ by add+ at ! end ! foll[+3 7#h7 ,%>+ ( ?reat patt]n & tr5d in=mation 7,a7 ,9 g5]al ,n less ?an mon?ly1 ! ,secret>y %all provide f9ancial in/itutions ) typologies on em]g+ money laund]+ & c\nt] t]ror f9anc+ ?reat patt]ns & tr5ds4 7,b7 ,in=mation classification ,9 provid+ in=mation pursuant to subp>agraph 7,a71 ! ,secret>y may provide public & s5sitive in=mation to f9ancial in/itutions1 b may n provide classifi$ in=mation1 unless o!rwise p]mitt$ by law4 4 #bjh4 ,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+ an aw>d "u ?is section1 !re are au?oriz$ to be appropriat$ su* sums z may be necess>y1 & ! ,secret>y may also use funds f ! ,dep>tm5t ( ! ,treasury ,=feiture ,fund & ! ,dep>tm5t ( ,ju/ice ,assets ,=feiture ,fund4 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-- 7,a7 n less ?an #aj p]c5t1 9 total1 ( :at has be5 collect$ ( ! monet>y sanctions impos$ 9 ! action or relat$ actions2 & 7,b7 n m ?an #cj p]c5t1 9 total1 ( :at has be5 collect$ ( ! monet>y sanctions impos$ 9 ! action or relat$ actions4 7#b7 ,s\rce ( aw>ds ,= ! purposes ( pay+ any aw>d "u p>agraph 7#a7 !re are au?oriz$ to be appropriat$ su* sums z may be necess>y1 & ! ,secret>y may also use funds f ! ,dep>tm5t ( ! ,treasury ,=feiture ,fund & ! ,dep>tm5t ( ,ju/ice ,assets ,=feiture ,fund4 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 &-- 7i7 %all take into consid]ation-- 7,i7 ! significance ( ! in=mation provid$ by ! :i/lebl[] to ! success ( ! cov]$ judicial or adm9i/rative action2 7,,ii7 ! degree ( assi/ance provid$ by ! :i/lebl[] & any legal repres5tative ( ! :i/lebl[] 9 a cov]$ judicial or adm9i/rative action2 7,,iii7 ! 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 & 7,,iv7 su* additional relevant factors z ! ,secret>y may e/abli% by rule2 & 7ii7 %all n take into consid]ation ! balance ( any fund describ$ "u section #ecbc7;d74 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 violation 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 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 #bji4 ,c]ta9 violators b>r$ f s]v+ on public company bo>ds ,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 public company bo>ds 7#a7 ,9 g5]al ,an individual f\nd to h committ$ an egregi\s violation ( a provision ( 7or rule issu$ "u7 ?is sub*apt]1 section #ba ( ! ,f$]al ,deposit ,insurance ,act1 or section #abc ( ,public ,law #ia-ejh %all be b>r$ f s]v+ on ! bo>d ( directors ( a public company = a #aj-ye> p]iod beg9n+ on ! date ( su* f9d+4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,egregi\s violation ,) respect to an individual1 ! t]m egregi\s violation means-- 7i7 a felony crim9al violation = :i* ! individual 0 convict$2 & 7ii7 a civil violation :]e ! individual kn[+ly committ$ su* violation & ! violation facilitat$ money laund]+ or ! f9anc+ ( t]rorism4 7,b7 ,public company ,! t]m public company means an issu] ! securities ( :i* are trad$ on a national securities ex*ange4 7,c7 ,o!r securities t]ms ,! t]ms issu] & national securities ex*ange h ! mean+ giv5 ^? t]ms1 respectively1 "u section #c ( ! ,securities ,ex*ange ,act ( #aicd4 4 #baj4 ,additional damages = repeat ,bank ,secrecy ,act violators ,section #ecba ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #bji1 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 violat$ a provision ( 7or rule issu$ "u7 ?is sub*apt]1 section #ba ( ! ,f$]al ,deposit ,insurance ,act1 or section #abc ( ,public ,law #ia-ejh1 ! ,secret>y may impose an additional civil p5alty aga9/ su* p]son = ea* additional su* violation 9 an am\nt equal to up to ?ree times ! pr(it ga9$ or loss avoid$ by su* p]son z a result ( ! violation4 4 #baa4 ,ju/ice annual report on def]r$ & nonprosecution 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 & nonprosecution 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 #bab4 ,return ( pr(its & bonuses ,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 ?is sub*apt]1 section #ba ( ! ,f$]al ,deposit ,insurance ,act1 or section #abc ( ,public ,law #ia-ejh %all-- 7#a7 9 addition to any o!r f9e "u ?is section1 be f9$ 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 dome/ic f9ancial in/itution or nonf9ancial trade or bus9ess at ! "t ! violation occurr$1 repay to su* dome/ic f9ancial in/itution or nonf9ancial trade or bus9ess any bonus paid to su* individual dur+ ! ,f$]al fiscal ye> 9 :i* ! violation occurr$4 4 #bac4 ,prohibition on tax d$uctions = attorney's fees relat$ to ,bank ,secrecy ,act settlem5ts & c\rt co/s ,section #afb7;f7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+3 7#f7 ,violations ( ! ,bank ,secrecy ,act ,9 ! case ( a paym5t describ$ 9 p>agraph 7#a7 t is 9 relation to any violation ( ! ,bank ,secrecy ,act 7z def9$ "u section #ecab ( title #ca1 ,unit$ ,/ates ,code71 no d$uction %all be all[$ "u ?is *apt] = attorney's fees relat$ to su* paym5t4 4 #bad4 ,application ( ,bank ,secrecy ,act to deal]s 9 art or 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 deal]s 9 art or antiquities2 or 4 7b7 ,rulemak+ ,n lat] ?an ! end ( ! #ahj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all issue regulations to c>ry out ! am5dm5ts made by subsection 7a74 7c7 ,effective date ,section #ecab7;a77#b77,z7 ( title #ca1 ,unit$ ,/ates ,code1 z add$ by subsection 7a71 %all take effect aft] ! end ( ! #bgj-;day p]iod beg9n+ on ! date ( ! enactm5t ( ?is ,act4 #bae4 ,revision to geographic t>get+ ord] ,! ,secret>y ( ! ,treasury %all revise ! geographic t>get+ ord] issu$ by ! ,f9ancial ,crimes ,en=cem5t ,network on ,novemb] #ae1 #bjah 7! ,ord]71 s t ! ,ord]-- 7#a7 applies to comm]cial real e/ate to ! same ext5t z ! ,ord] applies to resid5tial real e/ate2 & 7#b7 applies to a pur*ase made1 at lea/ 9 "p1 us+ an 9-k9d transaction to ! same ext5t z ! ,ord] applies to a pur*ase made1 at lea/ 9 "p1 us+ curr5cy or a ca%i]'s *eck1 a c]tifi$ *eck1 a travel]'s *eck1 a p]sonal *eck1 a bus9ess *eck1 a money ord] 9 any =m1 a funds transf]1 or virtual curr5cy4 ,,iii ,mod]niz+ ! ,,aml ,sy/em #cja4 ,enc\rag+ innovation 9 ,,bsa compliance ,section #ecah ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #bjc1 is fur!r am5d$ by add+ at ! end ! foll[+3 7p7 ,enc\rag+ innovation 9 compliance 7#a7 ,9 g5]al ,! f9ancial ag5cies %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 ,f9ancial ag5cy def9$ ,9 ?is subsection1 ! t]m f9ancial ag5cy means ! ,dep>tm5t ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 & ! ,securities & ,ex*ange ,commission4 4 #cjb4 ,innovation ,labs 7a7 ,9 g5]al ,title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] section #ecbf ! foll[+3 #ecbg4 ,innovation ,labs 7a7 ,e/abli%m5t ,!re is e/abli%$ )9 ea* f9ancial ag5cy an ,innovation ,lab4 7b7 ,director ,! head ( ea* ,innovation ,lab %all be a ,director1 to be appo9t$ by ! head ( ! applicable f9ancial ag5cy4 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 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 ,act4 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 ,f9ancial ag5cy def9$ ,9 ?is section1 ! t]m f9ancial ag5cy means ! ,dep>tm5t ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,national ,cr$it ,union ,adm9i/ration1 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy1 & ! ,securities & ,ex*ange ,commission4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #ecbf ! foll[+3 #ecbg4 ,innovation ,labs4 4 #cjc4 ,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 #cjb & ! ,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 ,act 7z def9$ "u section #ecab ( title #ca1 ,unit$ ,/ates ,code74 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 & clos$ sessions1 z det]m9$ necess>y by ! ,c\ncil2 & 7#c7 may include p>ticipation by public & private entities & law en=cem5t ag5cies4 7e7 ,report ,! ,c\ncil %all issue an annual report to ,congress on ! activities ( ! ,c\ncil dur+ ! previ\s ye> & any legislative recomm5dations t ! ,c\ncil may h4 #cjd4 ,p>allel runs rulemak+ ,section #ecah ( title #ca1 ,unit$ ,/ates ,code1 z am5d$ by section #cja1 is fur!r am5d$ by add+ at ! end ! foll[+3 7q7 ,p>allel runs rulemak+ ,! ,secret>y ( ! ,treasury1 9 consultation ) ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network & ! 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 & processes design$ to facilitate compliance ) ! ,bank ,secrecy ,act requirem5ts1 "u :at circum/ances x is necess>y = a f9ancial in/itution to te/ new te*nology & processes alongside legacy te*nology & processes 7p>allel runs72 7#b7 if p>allel runs are requir$1 :at te/s mu/ be complet$2 & 7#c7 9 :at in/ances or "u :at circum/ances a f9ancial in/itution may replace or t]m9ate su* legacy te*nology & processes = any exam9able te*nology or process4 4