[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1037 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 1037

 To prevent terrorists and money launderers from establishing accounts 
 for illegal money transfers through the use of false Social Security 
  numbers or taxpayer identification numbers, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 27, 2003

 Mr. Sweeney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To prevent terrorists and money launderers from establishing accounts 
 for illegal money transfers through the use of false Social Security 
  numbers or taxpayer identification numbers, 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 ``Prevent Bank Fraud by Terrorists Act 
of 2003''.

SEC. 2. REPORTING OF TAXPAYER IDENTIFICATION NUMBERS UPON OPENING OF 
              NEW ACCOUNTS.

    (a) In General.--Subchapter II of chapter 53 of title 31, United 
States Code, is amended by adding at the end the following new section:
``Sec. 5333. Reporting of taxpayer identification numbers upon opening 
              of new accounts
    ``(a) In General.--Whenever a financial institution establishes an 
account for any person and obtains the Social Security number or 
taxpayor identification number of any accountholder or beneficiary of 
the account, the financial institution shall promptly report the name 
of each such person together with the Social Security number or 
taxpayor identification number, as the case may be, associated with 
such person to the appropriate regulatory agency in accordance with 
regulations that the Secretary of the Treasury shall prescribe.
    ``(b) Appropriate Regulatory Agency.--For purposes of subsection 
(a), the term `appropriate regulatory agency' means--
            ``(1) the Social Security Administration, in the case of a 
        Social Security number; and
            ``(2) the Internal Revenue Service, in the case of a 
        taxpayor identification number that is not a Social Security 
        number.''.
    (b) Clerical Amendment.--The table of sections for subchapter II of 
chapter 53 of title 31, United States Code, is amended by inserting 
after the item relating to section 5332 the following new item:

``5333. Reporting of taxpayer identification numbers upon opening of 
                            new accounts.''.
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