"Legislative developments in compliance: The Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act" by Daniel P. Stipano (FiSCA Currents)
FiSCA CurrentsDaniel P. Stipano
The House Financial Services Committee voted unanimously in May to approve what could become the first anti-money laundering legislation passed since the USA PATRIOT Act in 2001, and the first legislation aimed at reforming the Bank Secrecy Act (BSA).
The Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act (COUNTER) Act is sponsored by Representative Emanuel Cleaver (D-MO) and co-sponsored by Representative Steve Stivers (R-OH). It contains a number of provisions of significance to money service businesses (MSBs). For example, the bill would require the Secretary of the Treasury to issue rules that would permit any financial institution that is required to file suspicious activity reports to share them with their foreign branches, subsidiaries, and affiliates. Presently, MSBs may share a Suspicious Activity Report (SAR), or any information that would reveal the existence of a SAR, within their corporate organization for purposes consistent with Title II of the BSA as determined by regulation or in guidance.
Originally published in FiSCA Currents; reprinted with permission.