Money Laundering Suppression Act of 1994

Summary

Antimoney Laundering Act of 1993 - Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions. Directs the Secretary of the Treasury (the Secretary) to: (1) submit an annual status report to the Congress on the consequent reduction in the overall number of currency transaction reports; (2) streamline currency transaction reports to eliminate information of little value for law enforcement purposes; and (3) assign a single designee to receive reports of suspicious transactions. Directs the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to each establish a pilot program to test the feasibility of using their own examiners to identify money laundering schemes involving depository institutions under their purview. Includes negotiable instruments drawn on foreign banks within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements. Empowers Federal banking agencies to assess civil money penalties. Expresses the sense of the Congress that the States should: (1) establish uniform laws for licensing and regulating businesses which, although not depository institutions, engage in currency transactions; (2) provide sufficient resources for regulatory enforcement; and (3) develop a model statute to implement the regulatory scheme. Directs the Secretary to study and report to the Congress on the States' progress towards developing a model statute. Sets forth Federal registration requirements for money transmitting businesses. Establishes civil and criminal penalties for violation of such requirements. Includes certain casinos and gaming establishments within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements. Denies exemption from Federal recordkeeping and reporting requirements for monetary instruments transactions to: (1) any State or its political subdivisions; and (2) financial institutions already subject to State regulation. Revokes prior recordkeeping exemptions granted prior to the date of enactment of this Act. Requires the Secretary to study and report to the Congress on cashiers' checks in association with: (1) money laundering schemes; and (2) the need for additional recordkeeping requirements.

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Documents

10 official files

• Referred in Senate (text)

  Referred in Senate · EN · 23 March 1994

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• Referred in Senate (PDF)

  Referred in Senate · EN · 23 March 1994

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• Reported in House (text)

  Reported in House · EN · 21 March 1994

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• Reported in House (PDF)

  Reported in House · EN · 21 March 1994

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• Engrossed in House (text)

  Engrossed in House · EN · 21 March 1994

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• Engrossed in House (PDF)

  Engrossed in House · EN · 21 March 1994

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• Passed House amended

  summary · EN · 21 March 1994

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• Introduced in House (text)

  Introduced in House · EN · 10 November 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 10 November 1993

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• Introduced in House

  summary · EN · 7 October 1993

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