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HR 2905 106th Congress House Finance and Financial Sector Administrative procedure Bank accounts Bank records Brokers Commerce Congress Congressional reporting requirements Crime and Law Enforcement Crime prevention Criminal investigation Department of the Treasury Financial institutions Financial services Fines (Penalties) Foreign Trade and International Finance Foreign banks and banking Government Operations and Politics Government paperwork Government publicity

Integrity in Banking and Money Laundering Prevention Act of 1999

Introduced: September 21, 1999 Introduced by: Waters, Maxine Democratic · California See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 8, 1999
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Sep 21, 1999
Referred to the House Committee on Banking and Financial Services.
Sep 21, 1999
Introduced in House
 Plain-English summary Congressional Research Service
Integrity in Banking and Money Laundering Prevention Act of 1999 - Instructs the Secretary of the Treasury to report to certain congressional committees on private domestic banking activities, including regulatory efforts to monitor and ensure that such activities are conducted in compliance with Federal banking law governing monetary transactions and depository institution recordkeeping requirements.

Instructs the Secretary to: (1) prescribe regulations which require financial institutions to maintain all accounts in such a way as to ensure that the name of the account holder and the number of the account are associated with all of the owner's account activity; and (2) develop criteria for identifying foreign high-intensity money laundering areas.

Authorizes courts to double criminal penalties for violations involving high-intensity money laundering areas.

Directs the Secretary to: (1) require domestic financial institutions to maintain records within the United States which accurately identify the parties for whom such institutions conduct transactions with foreign counterparts; and (2) promulgate final regulations requiring registered brokers and dealers to report suspicious transactions in accordance with specified banking law.

What's happening now October 8, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1