To amend the Bank Holding Company Act of 1956 to require the Board of Governors of the Federal Reserve System to include money laundering activities in the consideration of applications under section 3 of the Bank Holding Company Act of 1956.
Bank Merger Money Laundering Prevention Act - Amends the Bank Holding Company Act of 1956 to require the Board of Governors of the Federal Reserve System, upon receipt of a bank holding company's acquisition or merger application, to: (1) consider a company's effectiveness in combating and preventing money laundering activities; (2) refrain from considering the application of any company which is the subject of a pending Federal investigation or prosecution for money laundering or related financial crimes until such Federal proceeding is completed; and (3) disapprove the application of any company found criminally or civilly liable for money laundering or related financial crime during the five-year period preceding the Board's consideration of its application.
Introduced in House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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