Sec. 402. Closing loopholes in Bank Secrecy Act reporting
139 words·~1 min read·
/bill/114/hr/4242/ih/section-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
FinCEN shall issue a report to Congress on the status of the temporary exemptions under section 1010.205(b) of title 31, Code of Federal Regulations, including any reviews, studies, or proposed or notice of a rulemaking that FinCEN has undertaken with regard to each financial institution that is exempted from the requirement concerning the establishment of anti-money laundering programs. The report shall also include a justification for the exemption of each category of financial institution exempted under the regulation.
Not later than the end of the 270-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall issue final regulations to establish the manner in which operators of armored cars and other commercial monetary instrument transport enterprises are to comply with the reporting requirements under section 5316 of title 31, United States Code.