S.Amdt. 364
What it does: Adds SEC. 3. SUSPICIOUS ACTIVITY REPORTS at the end of the bill
Sen. Rand Paul (R-KY)What it changes
1 change to S. 990 · shown in the bill's text
Adds SEC. 3. SUSPICIOUS ACTIVITY REPORTS at the end of the bill
Adds a sectionIn S. 990 · Engrossed Amendment House
"(s) Competitive Selection Procedures for SBIR and STTR Programs.--All funds awarded, appropriated, or otherwise made available in accordance with subsection (f) or (n) must be awarded pursuant to competitive and merit-based selection procedures.".
Inserted: SEC. 3. SUSPICIOUS ACTIVITY REPORTS.
Inserted: Section 5318(g) of title 31, United States Code, is amended--
Inserted: (1) in paragraph (1), by inserting before the period at the end the following: ", except as provided in paragraph (5)"; and
Inserted: (2) by adding at the end the following:
Inserted: "(5) Exemption.--
Inserted: "(A) In general.--A failure to submit a report with respect to a suspicious transaction shall not be a violation of this subsection with respect to a financial institution or any person described in paragraph (1), in any case in which such financial institution or person--
Inserted: "(i) has in effect an established decision-making process with respect to suspicious transactions;
Inserted: "(ii) has made a good faith effort to follow existing policies, procedures, and processes with respect to suspicious transactions; and
Inserted: "(iii) has determined not to file a report with respect to a particular transaction.
Inserted: "(B) Exception.--The exemption provided under subparagraph (A) does not apply in any case in which the failure to submit a suspicious transaction report is accompanied by evidence of bad faith on the part of the financial institution or other person described in paragraph (1).".
Original wording
At the end, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 364. Mr. PAUL submitted an amendment intended to be proposed by him to the bill S. 990, to provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes; which was ordered to lie on the table; as follows:
At the end, add the following:
SEC. 3. SUSPICIOUS ACTIVITY REPORTS.
Section 5318(g) of title 31, United States Code, is amended--
(1) in paragraph (1), by inserting before the period at the end the following: “, except as provided in paragraph (5)”; and
(2) by adding at the end the following:
“(5) Exemption.--
“(A) In general.--A failure to submit a report with respect to a suspicious transaction shall not be a violation of this subsection with respect to a financial institution or any person described in paragraph (1), in any case in which such financial institution or person--
“(i) has in effect an established decision-making process with respect to suspicious transactions;
“(ii) has made a good faith effort to follow existing policies, procedures, and processes with respect to suspicious transactions; and
“(iii) has determined not to file a report with respect to a particular transaction.
“(B) Exception.--The exemption provided under subparagraph (A) does not apply in any case in which the failure to submit a suspicious transaction report is accompanied by evidence of bad faith on the part of the financial institution or other person described in paragraph (1).”.
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Senate amendment submitted
May 25, 2011