S. 1072 · 112th Congress
A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other…
Full title
A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
PaulSponsorNo cosponsors.
Declares that failure by a financial institution or any of its directors, officers, employees, or agents to report a suspicious transaction is not a violation of specified monetary transaction reporting requirements if the institution or person has: (1) in effect an established decision-making process with respect to suspicious transactions, (2) made a good…
What it does: CRS summary · Introduced in Senate · May 25, 2011
Declares that failure by a financial institution or any of its directors, officers, employees, or agents to report a suspicious transaction is not a violation of specified monetary transaction reporting requirements if the institution or person has: (1) in effect an established decision-making process with respect to suspicious transactions, (2) made a good faith effort to follow existing policies, procedures, and processes with respect to such transactions; and (3) determined not to file a report with respect to a particular transaction.
Deems failure to submit a suspicious transaction report to be a violation of such reporting requirements if it is accompanied by evidence of bad faith on the part of either the financial institution or other person.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.
Latest action (May 25, 2011): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Crime and Law Enforcement · Origin: Senate · Introduced: May 25, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.