Sec. 7112. AML examination authority delegation study
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/bill/116/hr/6395/pcs/section-7112·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of the Treasury, in consultation with State bank supervisors (as defined under section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) and other relevant stakeholders, shall carry out a study on the Secretary’s delegation of examination authority under the Bank Secrecy Act, including— an evaluation of the efficacy of the delegation, especially with respect to the mission of the Bank Secrecy Act; whether the delegated agencies have appropriate resources to perform their delegated responsibilities; and whether the examiners in delegated agencies have sufficient training and support to perform their responsibilities.
Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report containing— all findings and determinations made in carrying out the study required under subsection (a); and recommendations to improve the efficacy of delegation authority, including the potential for de-delegation of any or all such authority where it may be appropriate.
The term Bank Secrecy Act has the meaning given that term under section 5312 of title 31, United States Code.
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Sec. 7112
AML examination authority delegation study
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