Sec. 1409. Criminal proceeds laundered through prepaid access devices, digital currencies, or other similar instruments

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Section 5312(a)(2)(K) of title 31, United States Code, is amended to read as follows: an issuer, redeemer, or cashier of travelers’ checks, checks, money orders, prepaid access devices, digital currencies, or any digital exchanger or tumbler of digital currency; . Section 5312(a)(3)(B) of such title is amended by inserting prepaid access devices, after delivery, . Section 5312 of such title is amended— by redesignating paragraph

(6)as paragraph (7); and by inserting after paragraph

(5)the following: prepaid access device means an electronic device or vehicle, such as a card, plate, code, number, electronic serial number, mobile identification number, personal identification number, or other instrument that provides a portal to funds or the value of funds that have been paid in advance and can be retrievable and transferable at some point in the future. . Not later than 18 months after the date of the enactment of this Act, the Comptroller General of the United States shall submit a report to Congress that describes— the impact of amendments made by paragraph

(1)on law enforcement, the prepaid access device industry, and consumers; and the implementation and enforcement by the Department of the Treasury of the final rule relating to Bank Secrecy Act Regulations—Definitions and Other Regulations Relating to Prepaid Access (76 Fed. Reg. 45403 (July 29, 2011)). Not later than 18 months after the date of the enactment of this Act, the Secretary of Homeland Security, in consultation with the Commissioner of U.S. Customs and Border Protection, shall submit a report to Congress that— details a strategy to interdict and detect prepaid access devices, digital currencies, or other similar instruments, at border crossings and other ports of entry for the United States; and includes an assessment of the infrastructure needed to carry out the strategy detailed pursuant to paragraph (1). Section 5316 of title 31, United States Code, is amended by adding at the end the following: For purposes of this section, a monetary instrument in bearer form that has the amount left blank, such that the amount could be filled in by the bearer, shall be considered to have a value of more than $10,000 if the monetary instrument was drawn on an account that contained or was intended to contain more than $10,000 at the time the monetary instrument was— transported; or negotiated. .

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76 FR 45403

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Sec. 1409

Criminal proceeds laundered through prepaid access devices, digital currencies, or other similar instruments

Fed. Reg.76 FR 45403

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