3.0.0 2563 2022-11-01T13:49:49Z 2022-11-01T14:32:57Z Senate S 2019-09-26 116 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2020-06-30T14:00:34Z Hearings by 2019-12-05T15:00:34Z Referred to 2019-09-26T17:16:30Z FIND Trafficking Act 116 502 HR 2019-01-29 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Cooperate with Law Enforcement Agencies and Watch Act of 2019 116 758 HR 2019-03-12 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS FinCEN Improvement Act of 2019 116 1414 HR 2019-03-12 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS FIND Trafficking Act 116 410 S 2019-02-07 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS FinCEN Improvement Act of 2019 116 582 S 2019-02-27 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Securities Fraud Enforcement and Investor Compensation Act of 2019 116 799 S 2019-03-14 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Cooperate with Law Enforcement Agencies and Watch Act of 2019 116 1592 S 2019-05-22 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2020-06-30 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2019-12-05 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2019-09-26 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2019-09-26 Introduced in Senate IntroReferral 10000 9 Library of Congress W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. N C001095 Sen. Cotton, Tom [R-AR] Tom Cotton R AR 2019-09-26 True J000300 Sen. Jones, Doug [D-AL] Doug Jones D AL 2019-09-26 True R000605 Sen. Rounds, Mike [R-SD] Mike Rounds R SD 2019-09-26 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2019-09-26 True K000393 Sen. Kennedy, John [R-LA] John Kennedy R LA Neely 2019-09-26 True C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV 2019-09-26 True M000934 Sen. Moran, Jerry [R-KS] Jerry Moran R KS 2019-09-26 True S001191 Sen. Sinema, Kyrsten [D-AZ] Kyrsten Sinema D AZ 2020-03-03 False Y000064 Sen. Young, Todd [R-IN] Todd Young R IN C. 2020-03-03 False T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2020-05-05 False M001153 Sen. Murkowski, Lisa [R-AK] Lisa Murkowski R AK 2020-05-05 False Finance and Financial Sector Administrative law and regulatory procedures Administrative remedies Advisory bodies Asia Banking and financial institutions regulation Business records China Civil actions and liability Congressional oversight Corporate finance and management Criminal investigation, prosecution, interrogation Currency Department of the Treasury Digital media Diplomacy, foreign officials, Americans abroad Drug trafficking and controlled substances Employment discrimination and employee rights Evidence and witnesses Financial services and investments Foreign and international banking Fraud offenses and financial crimes Government employee pay, benefits, personnel management Government ethics and transparency, public corruption Government information and archives Government studies and investigations Government trust funds Human trafficking International monetary system and foreign exchange Internet and video services Internet, web applications, social media Real estate business Securities Social work, volunteer service, charitable organizations State and local government operations Terrorism Finance and Financial Sector 00 2019-09-26 Introduced in Senate 2020-08-19T14:20:03Z Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act or the ILLICIT CASH Act

This bill expands disclosure requirements regarding the ownership of corporations and sets forth additional requirements regarding anti-money laundering and combating the financing of terrorism programs (known as AML-CFT programs).

Corporations must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The bill defines a beneficial owner as an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company.

The bill also generally expands and revises existing AML-CFT provisions, including by

  • compelling foreign banks to comply with subpoenas for records and allowing fines for foreign banks that fail to comply,
  • establishing a financial institution liaison at FinCEN,
  • initiating a review of thresholds for currency transaction reports and suspicious activity reports, and
  • expanding the regulation of digital currencies.

The bill also requires increased communication and data sharing between law enforcement, financial regulators, and financial institutions.

The bill provides statutory authority for the Securities and Exchange Commission to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation.

The bill also revises administrative requirements of FinCEN, including by revising the pay scale of employees.

]]> ILLICIT CASH Act Display Title ILLICIT CASH Act Short Title(s) as Introduced ILLICIT CASH Act Introduced in Senate IS Short Title(s) as Introduced Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act Introduced in Senate IS Short Title(s) as Introduced for portions of this bill Securities Fraud Enforcement and Investor Compensation Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to improve laws relating to money laundering, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-09-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2563is/xml/BILLS-116s2563is.xml 2020-06-30 Committee on Banking, Housing, and Urban Affairs. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.