Building Community Financial Institutions' Capacity to Combat Money Laundering Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Dec 11, 2013)
Building Community Financial Institutions' Capacity to Combat Money Laundering Act - Establishes the BSA Compliance Fund.
Requires deposit into the Fund of: (1) 25% of all civil money penalties imposed upon domestic financial institutions for violations related to mandatory reports and recordkeeping on monetary instruments transactions, and (2) 25% of any civil fine paid by a domestic financial institution for violations of other federal law with respect to actions for which a civil money penalty is also imposed for prohibited monetary transactions.
Instructs the Secretary of the Treasury to: (1) use the Fund to make grants to community financial institutions with under $10 billion in assets to improve their compliance with statutory requirements governing reports and recordkeeping on monetary instruments transactions, and (2) give grant priority to institutions located in counties that have 20% or more of residents living below the federal poverty line.
What just happenedDec 11, 2013
Referred to the House Committee on Financial Services.
Who’s behind it
- Introduced in HouseDec 11, 2013
- Dec 11, 2013IntroReferralH11100
Referred to the House Committee on Financial Services.
Financial Services Committee - Dec 11, 2013IntroReferralIntro-H
Introduced in House
- Dec 11, 2013IntroReferral1000
Introduced in House