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Bill > HR2514
US HR2514
COUNTER Act of 2019 Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019
summary
Introduced
05/03/2019
05/03/2019
In Committee
05/03/2019
05/03/2019
Crossed Over
10/29/2019
10/29/2019
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
COUNTER Act of 2019 Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws. Among other things, the bill establishes new offices within financial regulatory agencies related to privacy and civil liberties; creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws; allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN). The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions. Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.
AI Summary
This bill, the COUNTER Act of 2019 or the Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019, generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws. It establishes new offices within financial regulatory agencies related to privacy and civil liberties, creates programs within the Department of the Treasury to enable foreign and domestic outreach, allows for increased information sharing between law enforcement and financial entities, and revises whistleblower incentives. The bill also increases penalties for violations, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information in certain commercial real estate transactions. Every five years, the Treasury must update currency transaction report thresholds to account for inflation.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (3)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 10/29/2019)
Official Document
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