I
116th CONGRESS
2d Session
H. R. 8816
IN THE HOUSE OF REPRESENTATIVES
November 24, 2020
Mr. McAdams (for himself and Mr. Gonzalez of Ohio) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned
A BILL
To amend subchapter II of chapter 53 of title 31, United States Code, to require training for Bank Secrecy Act Federal examiners on anti-money laundering and countering the financing of terrorism, and for other purposes.
Short title
This Act may be cited as the Anti-Money Laundering Training Improvement Act
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Training for Federal examiners
In general
Subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following:
Training regarding anti-money laundering and countering the financing of terrorism
Training requirement
Each Federal examiner reviewing compliance with the Bank Secrecy Act shall attend appropriate annual training, as determined by the Secretary of the Treasury, relating to anti-money laundering activities and countering the financing of terrorism.
Required topics
The training described in subsection (a) shall address—
risk profiles and warning signs that an examiner may encounter during examinations;
financial crime patterns and trends;
background on the risks anti-money laundering programs and countering the financing of terrorism programs seek to mitigate and the importance of these programs for law enforcement and national security agencies; and
de-risking and the effect of de-risking on the provision of financial services.
Training materials and standards
The Secretary of the Treasury shall, in consultation with the Financial Institutions Examination Council, the Financial Crimes Enforcement Network, and Federal, State, Tribal, and local law enforcement agencies, establish appropriate training materials and standards for the training required by subsection (a).
Bank Secrecy Act Defined
For the purposes of this section, the term Bank Secrecy Act means—
section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);
chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and
this subchapter.
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Clerical amendment
The table of sections for chapter 53 of title 31, United States Code, is amended by adding after the item relating to section 5332 the following:
5333. Training regarding anti-money laundering and countering the financing of terrorism.
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Interagency personnel rotation program
In general
The Secretary shall not later than 180 days after the date of the enactment of this Act establish a personnel rotation program designed to promote greater effectiveness and efficiency in combating money laundering, the financing of terrorism, proliferation financing, serious tax fraud, trafficking, sanctions evasion, and other financial crimes.
Participating agencies
The personnel rotation program described in subsection (a) shall rotate personnel from—
any Federal functional regulator;
the Department of Justice;
the Federal Bureau of Investigation;
the Department of Homeland Security;
the Department of Defense; and
other Federal agencies as the Secretary of the Treasury determines necessary to further anti-money laundering and countering the financing of terrorism efforts.
Federal functional regulator defined
For the purposes of this section, the term Federal functional regulator—
has the meaning given the term in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809); and
includes any Federal regulator that examines a financial institution for compliance with the Bank Secrecy Act.