Clerk session vote number: 82
Description: DEPOSITORY INSTITUTION MONEY LAUNDERING AMENDMENTS OF 1990
Bill summary: Depository Institution Money Laundering Amendments of 1990 - Amends the Bank Conservation Act, the Home Owners' Loan Act, the Federal Deposit Insurance Act, and the Federal Credit Union Act to authorize the appointment of a conservator for a depository institution convicted of money laundering offenses (including insured Federal and State savings associations and State banks). Exempts from conservatorship any such institution whose ownership or control has changed after commission of the
offense and whose new owner or controlling person was not affiliated with it at the time of the offense.
Amends the Revised Statutes, the Home Owners' Loan Act, and the Federal Credit Union Act to prescribe guidelines for the revocation of depository institutions' charters and forfeiture of franchises upon conviction for money laundering offenses (including the conviction of senior level management for such offenses).
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to prescribe guidelines for the termination of the insured status of State depository institutions, including State chartered credit unions, convicted of money laundering.
Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require specified regulatory agencies to include in their annual reports to the Congress the identification of depository institutions convicted of money laundering offenses and the agencies' enforcement activities.
Amends the Federal Deposit Insurance Act and the Federal Credit Union Act to require removal from office of institution-affiliated parties convicted of money laundering offenses and to prohibit their further participation in the affairs of any insured depository institution.
Amends Federal law regarding monetary transactions to authorize the Secretary of the Treasury to: (1) impose civil money penalties upon a financial institution for negligent violations of this Act or for a pattern of negligent violations; and (2) order a depository institution to request that its customers submit cash transaction reports.
Expresses the sense of the Congress that the States should: (1) establish uniform regulations and licensing requirements (meeting specified criteria) for non-depository institutions engaged in check cashing businesses; and (2) develop a model statute incorporating such uniform regulations.
Requires the Secretary to study and report to the Congress on the progress made by the States in enacting uniform legislation.
Amends the Federal Deposit Insurance Act to direct the Secretary to promulgate final regulations requiring insured depository institutions to maintain records of payment orders which: (1) involve international transactions; and (2) direct transfers of funds over wholesale transfer systems or on the books of any insured depository institution. Authorizes the Secretary to prohibit a financial institution from disclosing the existence of a Federal information targeting order.
Amends the Right to Financial Privacy Act to exempt a financial institution from civil liability for submitting in good faith a suspicious transaction report or for refusing to do business with the subject of such transaction report.
Amends the Bank Secrecy Act to require financial institutions to certify in writing under penalty of perjury their basis for requesting an exemption from cash transaction reporting requirements. Requires an annual update of such certification. Requires the Secretary to make currency transaction reports available to any State depository institution's supervisory agency.
Requires the Secretary to: (1) submit periodic status reports to the Congress regarding the use of currency transaction reports and related enforcement activities; and (2) establish an Advisory Group on Reports on Monetary Instruments Transactions to serve as a conduit between the Federal and private sectors regarding the status of currency transaction reporting activities.
Requires the Board of Governors of the Federal Reserve System to provide, at the Attorney General's request, information regarding the cash surplus reports of the Federal Reserve banks.
Requires the Secretary to establish a study group to evaluate: (1) the feasibility of electronic scanning of Federal Reserve notes; and (2) the impact of such scanning upon the rights of individuals to financial privacy.
Requires the Comptroller General to study and report to the Congress on the feasibility of a "Financial Crimes Enforcement Network" proposed to be established among Federal agencies and banking agencies.
Amends Federal law regarding monetary transactions to subject to certain cash reporting requirements any officer or office of either House of the Congress which provides check cashing or deposit services for Members of Congress.
Requires the Secretary of the Treasury to: (1) collect and maintain information on amounts and denominations of currency confiscated in connection with drug seizures and drug-related money laundering operations, as well as the total dollar amount of each denomination of such notes and currency; (2) develop a plan to collect the same information from State and local agencies; (3) report to the Congress on such plan, together with biannual summaries of the information collected; and (4) report to the Congress on the need for additional information regarding how frequently $50 and $100 notes are used in drug trafficking and other illegal activities, and the possible deterrent effect the withdrawal of such notes would have on such activities.
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Bill titles: To require the appropriate Federal depository institution regulatory agency to revoke the charter of any Federal depository institution which is found guilty of a crime involving money laundering or monetary transaction report offenses and to require the Federal Deposit Insurance Corporation and the National Credit Union Administration Board to terminate the deposit insurance of any State depository institution which is found guilty of any such crime.
Original source documents: Digest of the Congressional Record vol. 136, p. 1732;
Links for more info on the vote: congress.gov