Anti-Money Laundering Training Improvement Act

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8816 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 8816

 To amend subchapter II of chapter 53 of title 31, United States Code, 
  to require training for Bank Secrecy Act Federal examiners on anti-
  money laundering and countering the financing of terrorism, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 24, 2020

   Mr. McAdams (for himself and Mr. Gonzalez of Ohio) introduced the 
   following bill; which was referred to the Committee on Financial 
  Services, and in addition to the Committee on Ways and Means, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
 To amend subchapter II of chapter 53 of title 31, United States Code, 
  to require training for Bank Secrecy Act Federal examiners on anti-
  money laundering and countering the financing of terrorism, and for 
                            other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Anti-Money Laundering Training 
Improvement Act''.

SEC. 2. TRAINING FOR FEDERAL EXAMINERS.

    (a) In General.--Subchapter II of chapter 53 of title 31, United 
States Code, is amended by adding at the end the following:
``Sec. 5333 Training regarding anti-money laundering and countering the 
              financing of terrorism
    ``(a) Training Requirement.--Each Federal examiner reviewing 
compliance with the Bank Secrecy Act shall attend appropriate annual 
training, as determined by the Secretary of the Treasury, relating to 
anti-money laundering activities and countering the financing of 
terrorism.
    ``(b) Required Topics.--The training described in subsection (a) 
shall address--
            ``(1) risk profiles and warning signs that an examiner may 
        encounter during examinations;
            ``(2) financial crime patterns and trends;
            ``(3) background on the risks anti-money laundering 
        programs and countering the financing of terrorism programs 
        seek to mitigate and the importance of these programs for law 
        enforcement and national security agencies; and
            ``(4) de-risking and the effect of de-risking on the 
        provision of financial services.
    ``(c) Training Materials and Standards.--The Secretary of the 
Treasury shall, in consultation with the Financial Institutions 
Examination Council, the Financial Crimes Enforcement Network, and 
Federal, State, Tribal, and local law enforcement agencies, establish 
appropriate training materials and standards for the training required 
by subsection (a).
    ``(d) Bank Secrecy Act Defined.--For the purposes of this section, 
the term `Bank Secrecy Act' means--
            ``(1) section 21 of the Federal Deposit Insurance Act (12 
        U.S.C. 1829b);
            ``(2) chapter 2 of title I of Public Law 91-508 (12 U.S.C. 
        1951 et seq.); and
            ``(3) this subchapter.''.
    (b) Clerical Amendment.--The table of sections for chapter 53 of 
title 31, United States Code, is amended by adding after the item 
relating to section 5332 the following:

``5333. Training regarding anti-money laundering and countering the 
                            financing of terrorism.''.

SEC. 3. INTERAGENCY PERSONNEL ROTATION PROGRAM.

    (a) In General.--The Secretary shall not later than 180 days after 
the date of the enactment of this Act establish a personnel rotation 
program designed to promote greater effectiveness and efficiency in 
combating money laundering, the financing of terrorism, proliferation 
financing, serious tax fraud, trafficking, sanctions evasion, and other 
financial crimes.
    (b) Participating Agencies.--The personnel rotation program 
described in subsection (a) shall rotate personnel from--
            (1) any Federal functional regulator;
            (2) the Department of Justice;
            (3) the Federal Bureau of Investigation;
            (4) the Department of Homeland Security;
            (5) the Department of Defense; and
            (6) other Federal agencies as the Secretary of the Treasury 
        determines necessary to further anti-money laundering and 
        countering the financing of terrorism efforts.
    (c) Federal Functional Regulator Defined.--For the purposes of this 
section, the term ``Federal functional regulator''--
            (1) has the meaning given the term in section 509 of the 
        Gramm-Leach-Bliley Act (15 U.S.C. 6809); and
            (2) includes any Federal regulator that examines a 
        financial institution for compliance with the Bank Secrecy Act.
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