Money Laundering Abatement Act of 1999

Summary

Money Laundering Abatement Act of 1999 - Amends Federal law regarding monetary transactions to prohibit a depository institution or branch of a foreign bank from: (1) opening or maintaining an account in the United States for a foreign entity or representative unless a record is maintained in the United States that identifies by verifiable name and account number each person having an ownership interest in the account, or some or all of the share of such foreign entity are publicly traded; and (2) opening or maintaining a correspondent account in the United States for a foreign banking institution or correspondent bank relationship with a foreign banking institution that is either organized under the laws of a foreign jurisdiction, and is not subject to comprehensive oversight on a consolidated basis in such jurisdiction. (Sec. 3) Requires a financial institution to comply within 48 hours with a Federal banking agency request for anti- money laundering information. (Sec. 4) Instructs the Secretary of the Treasury to prescribe regulations governing maintenance of concentration accounts by financial institutions to ensure that such accounts are not used to prevent association of the identity of an individual customer with the movement of funds of which the customer is the direct or beneficial owner. (Sec. 5) Amends the Federal Deposit Insurance Act to require each depository institution engaging in private banking to establish due diligence procedures for ongoing review of private banking customer accounts. (Sec. 6) Amends Federal criminal law to: (1) expand the designations of unlawful laundering of monetary instruments; (2) impose a fine and imprisonment for false statements to financial institutions concerning the identity of a customer; and (3) grant district courts jurisdiction over any foreign person that commits a financial transaction offense in the United States, including court issuance of a pretrial restraining order. (Sec. 8) Authorizes appropriations for the Financial Crimes Enforcement Network of the Department of the Treasury to implement an automated database to alert law enforcement officials if Currency Transaction Reports or Suspicious Activity Reports disclose patterns of illegal activity, including multiple Currency Transaction Reports or Suspicious Activity Reports which name the same individual within a prescribed period of time.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 November 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 November 1999

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• Introduced in Senate

  summary · EN · 10 November 1999

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