Sec. 6216. REVIEW OF REGULATIONS AND GUIDANCE
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## SEC. 6216 REVIEW OF REGULATIONS AND GUIDANCE **[**[31 U.S.C. 5311 note](/us/usc/t31/s5311)**]** ###
(a)In General The Secretary, in consultation with the Federal functional regulators, the Financial Institutions Examination Council, the Attorney General, Federal law enforcement agencies, the Director of National Intelligence, the Secretary of Homeland Security, and the Commissioner of Internal Revenue, shall— ####
(1)undertake a formal review of the regulations implementing the Bank Secrecy Act and guidance related to that Act— #####
(A)to ensure the Department of the Treasury provides, on a continuing basis, for appropriate safeguards to protect the financial system from threats, including money laundering and the financing of terrorism and proliferation, to national security posed by various forms of financial crime; #####
(B)to ensure that those provisions will continue to require certain reports or records that are highly useful in countering financial crime; and #####
(C)to identify those regulations and guidance that— ######
(i)may be outdated, redundant, or otherwise do not promote a risk-based anti-money laundering compliance and countering the financing of terrorism regime for financial institutions; or ######
(ii)do not conform with the commitments of the United States to meet international standards to combat money laundering, financing of terrorism, serious tax fraud, or other financial crimes; and ####
(2)make appropriate changes to the regulations and guidance described in paragraph
(1)to improve, as appropriate, the efficiency of those provisions. ###
(b)Public Comment The Secretary shall solicit public comment as part of the review required under subsection (a). ###
(c)Report Not later than 1 year after the date of enactment of this Act, the Secretary, in consultation with the Financial Institutions Examination Council, the Federal functional regulators, the Attorney General, Federal law enforcement agencies, the Director of National Intelligence, the Secretary of Homeland Security, and the Commissioner of Internal Revenue, shall submit to Congress a report that contains all findings and determinations made in carrying out the review required under subsection (a), including administrative or legislative recommendations. # TITLE LXIII IMPROVING ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM COMMUNICATION, OVERSIGHT, AND PROCESSES
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Sec. 6216
REVIEW OF REGULATIONS AND GUIDANCE
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