,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #eebe  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #h1 #bjba,mr4 
,mal9[ski 7= himself1 ,ms4 ,salaz>1 ,mr4
 ,coh51 ,mr4 ,wilson ( ,s\? ,c>ol9a1    
,ms4 ,spanb]g]1 & ,mr4 ,hudson7         
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,bank ,secrecy ,act  
to exp& ! scope & au?orities (          
anti-money laund]+ safegu>ds "u su*     
,act1 & = o!r purposes4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,e/abli%+    
,new ,au?orities = ,bus9esses ,laund]+ &
 ,enabl+ ,risks to ,security ,act or !  
,,enabl]s ,act4  #b4 ,f9ancial          
in/itution def9ition  7a7 ,9 g5]al      
,section #ecab7;a77#b7 ( title #ca1     
,unit$ ,/ates ,code1 z am5d$ by !       
,william ,m4 7,mac7 ,?ornb]ry ,national 
,def5se ,au?orization ,act = ,fiscal    
,ye> #bjba1 is am5d$-- 7#a7 by          
r$esignat+ subp>agraphs 7,z7 & 7,,aa7 z 
subp>agraphs 7,,gg7 & 7,,hh71           
respectively2 &  7#b7 by ins]t+ aft]    

subp>agraph 7,y7 ! foll[+3  7,z7 a p]son
 engag$ 9 ! bus9ess ( provid+ inve/m5t  
advice = comp5sation2  7,,aa7 a p]son   
engag$ 9 ! trade 9 works ( art1         
antiques1 or collectibles1 includ+ a    
deal]1 advisor1 consultant1 cu/odian1   
gall]y1 auction h\se1 museum1 or any o!r
 p]son :o engages z a bus9ess 9 !       
solicitation or ! sale ( works ( art1   
antiques1 or collectibles2  7,,bb7 an   
attorney1 law firm1 or not>y involv$ 9  
f9ancial activity or relat$ adm9i/rative
 activity on behalf ( ano!r p]son2      
7,,cc7 a tru/ or company s]vice provid]1
 includ+-- 7i7 a p]son involv$ 9 =m+ a  
corporation1 limit$ liability company1  
tru/1 f\ndation1 p>tn]%ip1 or o!r simil>
 entity or arrangem5t2  7ii7 a p]son    
involv$ 9 act+ z1 or arrang+ = ano!r    
p]son to act z1 a regi/]$ ag5t1 tru/ee1 
or nom9ee to be a %>ehold]1 (fic]1      
director1 secret>y1 p>tn]1 signatory1 or
 o!r simil> position 9 relation to a    
p]son or arrangem5t2  7iii7 a p]son     
involv$ 9 provid+ a regi/]$ (fice1      

address1 or o!r simil> s]vice = a p]son 
or arrangem5t2 or  7iv7 any o!r p]son   
provid+ tru/ or company s]vices1 z def9$
 by ! ,secret>y ( ! ,treasury2  7,,dd7 a
 c]tifi$ public acc\ntant or public     
acc\nt+ firm2  7,,ee7 a p]son engag$ 9 !
 bus9ess ( public relations1 m>ket+1    
communications1 or o!r simil> s]vices 9 
su* a mann] z to provide ano!r p]son    
anonymity or d5iability2  7,,ff7 a p]son
 engag$ 9 ! bus9ess ( provid+ ?ird-p>ty 
paym5t s]vices1 includ+ paym5t process+1
 *eck consolidation1 ca% vault s]vices1 
or o!r simil> s]vices designat$ by !    
,secret>y ( ! ,treasury2  4  7b7        
,rulemak+  7#a7 ,9 g5]al ,n lat] ?an    
,decemb] #ca1 #bjbc-- 7,a7 ! ,secret>y (
 ! ,treasury %all repeal section        
#ajc4agj ( title #ca1 ,code ( ,f$]al    
,regulations 7relat+ to exemptions =    
c]ta9 f9ancial in/itutions72  7,b7 !    
,secret>y ( ! ,treasury %all issue "o or
 m rules to require all f9ancial        
in/itutions 7z def9$ 9 section          
#ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates

 ,code7 t h n already done s to-- 7i7   
report suspici\s transactions "u section
 #ecah7;g7 ( title #ca1 ,unit$ ,/ates   
,code2  7ii7 e/abli% anti-money laund]+ 
programs "u section #ecah7;h7 ( title   
#ca1 ,unit$ ,/ates ,code2  7iii7 e/abli%
 due dilig5ce policies1 proc$ures1 &    
controls "u section #ecah7;i7 ( title   
#ca1 ,unit$ ,/ates ,code2 &  7iv7       
id5tify & v]ify _! acc\nt hold]s "u     
section #ecah7l7 ( title #ca1 ,unit$    
,/ates ,code4  7#b7 ,tru/ or company    
s]vice provid] ,9 promulgat+ a rule "u  
p>agraph 7#a77;,b7 to implem5t          
subp>agraph 7,,cc7 ( section            
#ecab7;a77#b7 ( title #ca1 ,unit$ ,/ates
 ,code1 z add$ by subsection 7a71 !     
,secret>y ( ,treasury %all exclude f !  
category ( cov]$ p]sons-- 7,a7 any      
gov]nm5t ag5cy2 &  7,b7 any attorney or 
law firm t uses a paid tru/ or company  
s]vice provid]1 includ+ any paid entity 
=mation ag5t1 op]at+ )9 ! ,unit$ ,/ates4
  7c7 ,effective date  7#a7 ,9 g5]al    
,subp>agraphs 7,z7 ?r\gh 7,,ff7 (       

section #ecab7;a77#b7 ( title #ca1      
,unit$ ,/ates ,code1 z add$ by          
subsection 7a71 %all take effect on     
,decemb] #ca1 #bjbc4  7#b7 ,limitation  
on exemptions ,) respect to a p]son     
describ$ "u subp>agraphs 7,z7 ?r\gh     
7,,ff7 ( section #ecab7;a77#b7 ( title  
#ca1 ,unit$ ,/ates ,code1 z add$ by     
subsection 7a71 ! ,secret>y ( !         
,treasury may n exempt su* p]son f any  
requirem5t "u sub*apt] ,,ii ( *apt] #ec 
( title #ca1 ,unit$ ,/ates ,code1       
includ+ any delay 9 su* application4    
7#c7 ,application ( c]ta9 provisions    
,any f9ancial in/itution 7z def9$ 9     
section #ecab7;a77#b7 ( title #ca1      
,unit$ ,/ates ,code7 t is n already     
requir$ to comply ) subsections 7g71    
7h71 7i71 & 7l7 ( section #ecah ( title 
#ca1 ,unit$ ,/ates ,code1 %all d s on & 
aft] ,june #cj1 #bjbd1 :e!r or n a rule 
has be5 issu$ "u subsection             
7b77#a77;,b74  #c4 ,treasury task =ce & 
/rategy  7a7 ,9 g5]al ,! ,secret>y ( !  
,treasury1 act+ ?r\gh ! ,director ( !   

,f9ancial ,crimes ,en=cem5t ,network1   
%all e/abli% a task =ce to-- 7#a7       
develop an ambiti\s1 compreh5sive1 &    
multi-ye> ,unit$ ,/ates ,gov]nm5t       
/rategy to impose anti-money laund]+    
safegu>ds on all necess>y gatekeep]     
pr(essions2  7#b7 designate & au?orize a
 ,f$]al or ,/ate ag5cy to en=ce         
anti-money laund]+ requirem5ts = ea*    
type ( f9ancial in/itution def9$ 9      
section #ecab7;a77#b7 ( title #ca1      
,unit$ ,/ates ,code2 &  7#c7 advance !  
regulatory rulemak+ requir$ "u section  
#b7;b7 ( ?is ,act4  7b7 ,gatekeep]s     
/rategy  7#a7 ,9 g5]al ,section #bfb ( !
 ,c\nt]+ ,am]ica's ,adv]s>ies ,?r\gh    
,sanctions ,act 7,public ,law #aae-dd71 
is am5d$ by ins]t+ aft] p>agraph 7#aj7 !
 foll[+3  7#aa7 ,gatekeep]s /rategy ,a  
description ( ef=ts to impose anti-money
 laund]+ safegu>ds on all necess>y      
gatekeep] pr(essions1 includ+ art       
deal]s1 inve/m5t advisors1 real e/ate   
pr(essionals1 lawy]s1 acc\ntants1 tru/  
or company s]vice provid]s1 public      

relations pr(essionals1 deal]s ( luxury 
vehicles1 money s]vice bus9esses1 & o!r 
simil> pr(essions4  4  7#b7 ,update     
cl>ification ,if1 be=e ! date ( !       
enactm5t ( ?is ,act1 all updates to !   
national /rategy requir$ by section     
#bfa7;b7 ( ! ,c\nt]+ ,am]ica's          
,adv]s>ies ,?r\gh ,sanctions ,act       
7,public ,law #aae-dd7 h be5 complet$1 !
 ,presid5t %all provide an additional   
update ( su* national /rategy to !      
,congress conta9+ ! cont5ts requir$ "u !
 am5dm5t made by p>agraph 7#a74  #d4    
,report+ by title insurance companies   
7a7 ,9 g5]al ,n lat] ?an #ij days aft] !
 date ( ! enactm5t ( ?is ,act1 !        
,secret>y ( ! ,treasury %all promulgate 
a rule requir+ a dome/ic title insurance
 company to obta91 ma9ta91 & report to !
 ,secret>y in=mation on ! b5eficial     
own]s ( entities t pur*ase or sell      
resid5tial or comm]cial real e/ate 9    
transactions 9 :i* ! dome/ic title      
insurance company is involv$4  7b7      
,au?orization ( appropriations ,!re are 

au?oriz$ to be appropriat$ to !         
,secret>y su* sums z may be necess>y to 
c>ry out ?is section4  7c7 ,def9itions  
,9 ?is section3 7#a7 ,b5eficial own] ,! 
t]m b5eficial own]1 ) respect to an     
entity1 has ! mean+ z def9$ 9 section   
#eccf ( sub*apt] ,,ii ( *apt] #ec (     
title #ca1 ,unit$ ,/ates ,code4  7#b7   
,dome/ic title insurance company ,! t]m 
dome/ic title insurance company has !   
mean+ giv5 t t]m 9 regulations prescrib$
 by ! ,secret>y4