Countering Atrocities through Currency Accountability Act of 2022

This bill requires financial institutions and agencies to take specified special measures regarding foreign financial activity if the Department of the Treasury concludes that the measures are necessary to address human rights violations. These measures are applied upon a finding that a jurisdiction (or a financial institution, transaction, or type of account involving a jurisdiction) is of primary humanitarian concern.

The measures include additional recordkeeping and reporting of transactions, beneficial ownership information, and information relating to payable-through accounts and correspondent accounts. If Treasury finds a payable-through or correspondent account involves foreign human rights violations, then Treasury is allowed to prohibit or impose conditions on that account.

The bill establishes additional due diligence requirements for financial institutions managing a bank account or a correspondent account of a foreign person.

Finally, Treasury must determine if the Xinjiang Uyghur Autonomous Region in China qualifies as a jurisdiction subject to the additional measures established by the bill.