Sec. 6101. ESTABLISHMENT OF NATIONAL EXAM AND SUPERVISION PRIORITIES

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## SEC. 6101 ESTABLISHMENT OF NATIONAL EXAM AND SUPERVISION PRIORITIES ###

(a)Declaration of Purpose Subchapter II of chapter 53 of title 31, United States Code, is amended by striking section 5311 and inserting the following: > > ## “SEC. 5311 Declaration of purpose > > **[**[31 U.S.C. 5311](/us/usc/t31/s5311)**]** > > “It is the purpose of this subchapter (except section 5315) to— > > > #### “(1) > > require certain reports or records that are highly useful in— > > > ##### “(A) > > criminal, tax, or regulatory investigations, risk assessments, or proceedings; or > > > ##### “(B) > > intelligence or counterintelligence activities, including analysis, to protect against terrorism; > > > #### “(2) > > prevent the laundering of money and the financing of terrorism through the establishment by financial institutions of reasonably designed risk-based programs to combat money laundering and the financing of terrorism; > > > #### “(3) > > facilitate the tracking of money that has been sourced through criminal activity or is intended to promote criminal or terrorist activity; > > > #### “(4) > > assess the money laundering, terrorism finance, tax evasion, and fraud risks to financial institutions, products, or services to— > > > ##### “(A) > > protect the financial system of the United States from criminal abuse; and > > > ##### “(B) > > safeguard the national security of the United States; and > > > #### “(5) > > establish appropriate frameworks for information sharing among financial institutions, their agents and service providers, their regulatory authorities, associations of financial institutions, the Department of the Treasury, and law enforcement authorities to identify, stop, and apprehend money launderers and those who finance terrorists.” > . ###

(b)Anti-money Laundering Programs Section 5318 of title 31, United States Code, is amended— ####

(1)in subsection (a)(1), by striking “subsection (b)(2)” and inserting “subsections (b)(2) and (h)(4)”; and ####

(2)in subsection (h)— #####

(A)in paragraph (1), in the matter preceding subparagraph (A)— ######

(i)by inserting “and the financing of terrorism” after “money laundering”; and ######

(ii)by inserting “and countering the financing of terrorism” after “anti-money laundering”; #####

(B)in paragraph (2)— ######

(i)by striking “ The Secretary ” and inserting the following: > > ##### “(A) In general > > The Secretary” > ; and ######

(ii)by adding at the end the following: > > ##### “(B) Factors > > In prescribing the minimum standards under subparagraph (A), and in supervising and examining compliance with those standards, the Secretary of the Treasury, and the appropriate Federal functional regulator (as defined in section 509 of the Gramm-Leach-Bliley Act (12 U.S.C. 6809)) shall take into account the following: > > > ###### “(i) > > Financial institutions are spending private compliance funds for a public and private benefit, including protecting the United States financial system from illicit finance risks. > > > ###### “(ii) > > The extension of financial services to the underbanked and the facilitation of financial transactions, including remittances, coming from the United States and abroad in ways that simultaneously prevent criminal persons from abusing formal or informal financial services networks are key policy goals of the United States. > > > ###### “(iii) > > Effective anti-money laundering and countering the financing of terrorism programs safeguard national security and generate significant public benefits by preventing the flow of illicit funds in the financial system and by assisting law enforcement and national security agencies with the identification and prosecution of persons attempting to launder money and undertake other illicit activity through the financial system. > > > ###### “(iv) > > Anti-money laundering and countering the financing of terrorism programs described in paragraph

(1)should be— > > > ###### “(I) > > reasonably designed to assure and monitor compliance with the requirements of this subchapter and regulations promulgated under this subchapter; and > > > ###### “(II) > > risk-based, including ensuring that more attention and resources of financial institutions should be directed toward higher-risk customers and activities, consistent with the risk profile of a financial institution, rather than toward lower-risk customers and activities.” > ; and #####

(C)by adding at the end the following: > > #### “(4) Priorities > > > ##### “(A) In general > > Not later than 180 days after the date of enactment of this paragraph, the Secretary of the Treasury, in consultation with the Attorney General, Federal functional regulators (as defined in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809)), relevant State financial regulators, and relevant national security agencies, shall establish and make public priorities for anti-money laundering and countering the financing of terrorism policy. > > > ##### “(B) Updates > > Not less frequently than once every 4 years, the Secretary of the Treasury, in consultation with the Attorney General, Federal functional regulators (as defined in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809)), relevant State financial regulators, and relevant national security agencies, shall update the priorities established under subparagraph (A). > > > ##### “(C) Relation to national strategy > > The Secretary of the Treasury shall ensure that the priorities established under subparagraph

(A)are consistent with the national strategy for countering the financing of terrorism and related forms of illicit finance developed under section 261 of the Countering Russian Influence in Europe and Eurasia Act of 2017 (Public Law 115-44; 131 Stat. 934). > > > ##### “(D) Rulemaking > > Not later than 180 days after the date on which the Secretary of the Treasury establishes the priorities under subparagraph (A), the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network and in consultation with the Federal functional regulators (as defined in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809)) and relevant State financial regulators, shall, as appropriate, promulgate regulations to carry out this paragraph. > > > ##### “(E) Supervision and examination > > The review by a financial institution of the priorities established under subparagraph

(A)and the incorporation of those priorities, as appropriate, into the risk-based programs established by the financial institution to meet obligations under this subchapter, the USA PATRIOT Act (Public Law 107-56; 115 Stat. 272), and other anti-money laundering and countering the financing of terrorism laws and regulations shall be included as a measure on which a financial institution is supervised and examined for compliance with those obligations. > > > #### “(5) Duty > > The duty to establish, maintain and enforce an anti-money laundering and countering the financing of terrorism program as required by this subsection shall remain the responsibility of, and be performed by, persons in the United States who are accessible to, and subject to oversight and supervision by, the Secretary of the Treasury and the appropriate Federal functional regulator (as defined in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809)).” > . ###

(c)Financial Crimes Enforcement Network Section 310(b)(2) of title 31, United States Code, is amended— ####

(1)by redesignating subparagraph

(J)as subparagraph (O); and ####

(2)by inserting after subparagraph

(I)the following: > > ##### “(J) > > Promulgate regulations under section 5318(h)(4)(D), as appropriate, to implement the government-wide anti-money laundering and countering the financing of terrorism priorities established by the Secretary of the Treasury under section 5318(h)(4)(A). > > > ##### “(K) > > Communicate regularly with financial institutions and Federal functional regulators that examine financial institutions for compliance with subchapter II of chapter 53 and regulations promulgated under that subchapter and law enforcement authorities to explain the United States Government’s anti-money laundering and countering the financing of terrorism priorities. > > > ##### “(L) > > Give and receive feedback to and from financial institutions, State bank supervisors, and State credit union supervisors (as those terms are defined in section 6003 of the Anti-Money Laundering Act of 2020) regarding the matters addressed in subchapter II of chapter 53 and regulations promulgated under that subchapter. > > > ##### “(M) > > Maintain money laundering and terrorist financing investigation financial experts capable of identifying, tracking, and analyzing financial crime networks and identifying emerging threats to support Federal civil and criminal investigations. > > > ##### “(N) > > Maintain emerging technology experts to encourage the development of and identify emerging technologies that can assist the United States Government or financial institutions in countering money laundering and the financing of terrorism.” > .

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