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  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedDecember 11th, 2013

Bill Details

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Title

Building Community Financial Institutions' Capacity to Combat Money Laundering Act

Official Title

To instruct the Secretary of the Treasury to use 25 percent of civil fines collected for violations of the Bank Secrecy Act to make grants to community financial institutions to improve compliance with the provisions of that Act, and for other purposes.

Summary

Building Community Financial Institutions' Capacity to Combat Money Laundering Act - Establishes the BSA Compliance Fund. Requires deposit into the Fund of: (1) 25% of all civil money penalties imposed upon domestic financial institutions for violations related to mandatory reports and recordkeeping on monetary instruments transactions, and (2) 25% of any civil fine paid by a domestic financial institution for violations of other federal law with respect to actions for which a civil money penalty is also imposed for prohibited monetary transactions. Instructs the Secretary of the Treasury to: (1) use the Fund to make grants to community financial institutions with under $10 billion in assets to improve their compliance with statutory requirements governing reports and recordkeeping on monetary instruments transactions, and (2) give grant priority to institutions located in counties that have 20% or more of residents living below the federal poverty line.

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