S. 2563 116th Congress Senate

ILLICIT CASH Act

Official title: A bill to improve laws relating to money laundering, and for other purposes.

Introduced: September 26, 2019 Introduced by: Mark R. Warner Democratic · Virginia See on congress.gov

Finance and Financial Sector Administrative law and regulatory proceduresAdministrative remediesAdvisory bodiesAsia

More subjectsShow fewer subjects

Banking and financial institutions regulationBusiness recordsChinaCivil actions and liabilityCongressional oversightCorporate finance and managementCriminal investigation, prosecution, interrogationCurrencyDepartment of the TreasuryDigital mediaDiplomacy, foreign officials, Americans abroadDrug trafficking and controlled substancesEmployment discrimination and employee rightsEvidence and witnessesFinancial services and investmentsForeign and international bankingFraud offenses and financial crimesGovernment employee pay, benefits, personnel managementGovernment ethics and transparency, public corruptionGovernment information and archivesGovernment studies and investigationsGovernment trust fundsHuman traffickingInternational monetary system and foreign exchangeInternet and video servicesInternet, web applications, social mediaReal estate businessSecuritiesSocial work, volunteer service, charitable organizationsState and local government operationsTerrorism

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 30, 2020

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Dec 5, 2019

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 116-271.

Sep 26, 2019

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Sep 26, 2019

Introduced in Senate

Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

Latest action June 30, 2020

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Plain-English summary Congressional Research Service

Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act or the ILLICIT CASH Act

This bill expands disclosure requirements regarding the ownership of corporations and sets forth additional requirements regarding anti-money laundering and combating the financing of terrorism programs (known as AML-CFT programs).

Corporations must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The bill defines a beneficial owner as an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company.

The bill also generally expands and revises existing AML-CFT provisions, including by

compelling foreign banks to comply with subpoenas for records and allowing fines for foreign banks that fail to comply,
establishing a financial institution liaison at FinCEN,
initiating a review of thresholds for currency transaction reports and suspicious activity reports, and
expanding the regulation of digital currencies.

The bill also requires increased communication and data sharing between law enforcement, financial regulators, and financial institutions.

The bill provides statutory authority for the Securities and Exchange Commission to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation.

The bill also revises administrative requirements of FinCEN, including by revising the pay scale of employees.

Related & companion bills 7