Sec. 203. Regulations
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Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall— prescribe regulations to carry out sections 5368 and 5369 of title 31, United States Code, as added by sections 201(a) and 202(a), and publish such regulations in final form in the Federal Register; and prescribe such regulations as the Secretary of the Treasury considers necessary to ensure compliance with chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.) and subchapter II of chapter 53 of title 31, United States Code (commonly known, collectively, as the ), by licensees, significant vendors to such licensees, and financial service providers to such licensees (as such terms are defined in section 102).
Bank Secrecy Act Subsection
(a)of section 5364 of title 31, United States Code, is amended by striking Before the end of the 270-day period beginning on the date of enactment of this subchapter, the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations (which the Secretary and the Board jointly determine to be appropriate) and inserting The Secretary shall prescribe regulations . Subject to paragraph (2), during the period beginning on the date of enactment of this Act and ending on the date set forth in subsection (d), part 233 of title 12, Code of Federal Regulations, and part 132 of title 31, Code of Federal Regulations, shall have no force or effect to the extent that those regulations require or impose any obligation that is inconsistent with the provisions of title I. Paragraph
(1)shall not apply with respect to any violation of a regulation described in such paragraph that occurred before the date of enactment of this Act. Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall revise part 233 of title 12, Code of Federal Regulations, and part 132 of title 31, Code of Federal Regulations, to conform with the provisions of title I. Not later than 1 year after the date on which the Secretary of the Treasury prescribes regulations under this section, and annually thereafter, the Secretary shall submit to Congress a report on the list required by section 5369(a) of title 31, United States Code, as added by section 202(a), including the following: The size of the list. The number of persons and Web sites added to and removed from the list. The number and description of challenges to inclusion on the list and a description of how such challenges were resolved.
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- Pub. L. 91-508
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