US SB2563 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on September 26 2019 - 25% progression, died in chamber
Action: 2020-06-30 - Committee on Banking, Housing, and Urban Affairs. Hearings held.
Text: Latest bill text (Introduced) [PDF]

Summary

Expands disclosure requirements regarding the ownership of corporations and sets forth additional requirements regarding anti-money laundering and combating the financing of terrorism programs (known as AML-CFT programs). Corporations must disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The bill defines a beneficial owner as an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company. The bill also generally expands and revises existing AML-CFT provisions, including by compelling foreign banks to comply with subpoenas for records and allowing fines for foreign banks that fail to comply, establishing a financial institution liaison at FinCEN, initiating a review of thresholds for currency transaction reports and suspicious activity reports, and expanding the regulation of digital currencies. The bill also requires increased communication and data sharing between law enforcement, financial regulators, and financial institutions. The bill provides statutory authority for the Securities and Exchange Commission to seek disgorgement (i.e., repayment) as a remedy for unjust enrichment that a person gained through a securities law violation. The bill also revises administrative requirements of FinCEN, including by revising the pay scale of employees.

Tracking Information

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Title

ILLICIT CASH Act Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings Act

Sponsors


History

DateChamberAction
2020-06-30SenateCommittee on Banking, Housing, and Urban Affairs. Hearings held.
2019-12-05SenateCommittee on Banking, Housing, and Urban Affairs. Hearings held.
2019-09-26SenateRead twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Same As/Similar To

HB502 (Related) 2019-01-29 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB758 (Related) 2019-03-12 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
HB1039 (Related) 2019-02-07 - Referred to the House Committee on Financial Services.
HB1414 (Related) 2019-03-12 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB410 (Related) 2019-02-07 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB582 (Related) 2019-02-27 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB799 (Related) 2019-03-14 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
SB1592 (Related) 2019-05-22 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Subjects

Administrative law and regulatory procedures
Administrative remedies
Advisory bodies
Asia
Banking and financial institutions regulation
Business records
China
Civil actions and liability
Congressional oversight
Corporate finance and management
Criminal investigation, prosecution, interrogation
Currency
Department of the Treasury
Digital media
Diplomacy, foreign officials, Americans abroad
Drug trafficking and controlled substances
Employment discrimination and employee rights
Evidence and witnesses
Finance and financial sector
Financial services and investments
Foreign and international banking
Fraud offenses and financial crimes
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government information and archives
Government studies and investigations
Government trust funds
Human trafficking
International monetary system and foreign exchange
Internet and video services
Real estate business
Securities
Social work, volunteer service, charitable organizations
State and local government operations
Terrorism

US Congress State Sources


Bill Comments

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