To eliminate money laundering in the private banking system, to require the Secretary of the Treasury to take certain actions with regard to foreign countries in which there is a concentration of money laundering activities, and for other purposes.
Instructs the Secretary to: (1) prescribe regulations which require financial institutions to maintain all accounts in such a way as to ensure that the name of the account holder and the number of the account are associated with all of the owner's account activity; and (2) develop criteria for identifying foreign high-intensity money laundering areas.
Authorizes courts to double criminal penalties for violations involving high-intensity money laundering areas.
Directs the Secretary to: (1) require domestic financial institutions to maintain records within the United States which accurately identify the parties for whom such institutions conduct transactions with foreign counterparts; and (2) promulgate final regulations requiring registered brokers and dealers to report suspicious transactions in accordance with specified banking law.
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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