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Code · BILL · 116th Congress · H.R. 2513 (Engrossed in House) — To ensure that persons who form corporations or limited liability companies in the United States disclose the benefic... · Sec. 302

Sec. 302. Innovation Labs

244 words·~1 min read·/bill/116/hr/2513/eh/section-302·

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Subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following: There is established within the Department of the Treasury and each Federal functional regulator an Innovation Lab. The head of each Innovation Lab shall be a Director, to be appointed by the Secretary of the Treasury or the head of the Federal functional regulator, as applicable. The duties of the Innovation Lab shall be— to provide outreach to law enforcement agencies, financial institutions, and other persons (including vendors and technology companies) with respect to innovation and new technologies that may be used to comply with the requirements of the Bank Secrecy Act; to support the implementation of responsible innovation and new technology, in a manner that complies with the requirements of the Bank Secrecy Act; to explore opportunities for public-private partnerships; and to develop metrics of success.
The Innovation Lab established under subsection
(a)within the Department of the Treasury shall be a lab within the Financial Crimes Enforcement Network. In this subsection, the term Federal functional regulator means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Securities and Exchange Commission, and the Commodity Futures Trading Commission. . The table of contents for subchapter II of chapter 53 of title 31, United States Code, is amended by adding at the end the following: 5333. Innovation Labs. .
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