Money Laundering Prevention Act of 1986

Summary

Money Laundering Prevention Act of 1986 - Requires a domestic financial institution and participant involved in any domestic coin or currency transaction involving amounts or denominations of $10,000 or more to file a report as prescribed by the Secretary of the Treasury. Requires any institution involved in such a transaction involving amounts or denominations of $3,000 or more to obtain the following information and maintain a record of such information for five years: (1) the identity, address, and legal capacity of each participant in the transaction; (2) the identity of any real party in interest who is not directly participating; and (3) a description of the transaction. Requires each transaction record to be treated as a financial record of each person identified for purposes of the Right to Financial Privacy Act of 1978. Directs any person participating in such a transaction to provide to the institution or participant which is required to file such a report or maintain such a record: (1) such person's identity, address, and interest in the transaction; and (2) the identity of any other person for whom such person is acting.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 27 February 1986

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.