[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6849 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6849

    To amend title 31, United States Code, to encourage the use of 
           technological innovations, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                           September 20, 2018

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

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                                 A BILL


 
    To amend title 31, United States Code, to encourage the use of 
           technological innovations, 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 ``Bank Secrecy Innovation Act''.

SEC. 2. ENCOURAGING THE USE OF TECHNOLOGICAL INNOVATIONS.

    Section 5318(h) of title 31, United States Code, is amended by 
adding at the end the following:
            ``(4) Encouraging the use of technological innovations.--
                    ``(A) In general.--The Secretary of the Treasury 
                shall, in carrying out this subsection, encourage but 
                not require the use of technological innovations that 
                improve anti-money laundering programs described under 
                paragraph (1).
                    ``(B) Safe harbor.--An anti-money laundering 
                program that meets the minimum requirements described 
                under paragraph (1) and any minimum standards issued 
                pursuant to paragraph (2), shall not violate the 
                requirements of this subsection by reason of any 
                technological innovation used to carry out such 
                program.
                    ``(C) Rule of construction.--Nothing in 
                subparagraph (A) may be construed as releasing 
                financial institutions from the requirement to comply 
                with existing obligations under the Bank Secrecy Act 
                and other Federal laws and regulations.''.
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