United States · Amendment · HAMDT

HAMDT 423 (101st)

An amendment to require the Treasury Department to establish a pilot program of recordkeeping for international electronic transfers of funds that would require customers to supply to banks the names, addresses, and account numbers of parties involved in the transaction. The Treasury Department would have discretion as to which specific banks and categories of international wire transfers would be involved in the pilot program. After one year, the Department would have to certify to Congress that the recordkeeping program is cost effective, useful to law enforcement, and not detrimental to legitimate commerce, before the program could be implemented on a national basis. The amendment would eliminate the bill's specific requirement that the Department adopt, by the end of 1990, final regulations concerning the recordkeeping of international wire transfers, but would not preclude Treasury from continuing to prepare such regulations.

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