PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and read twice and referred to the Committee on Banking.
Congressional Research Service
Version 00 · Introduced in House · Oct 7, 1993
Antimoney Laundering Act of 1993 - Amends Federal law to prescribe guidelines for both mandatory and discretionary exemptions from monetary transaction reporting requirements for depository institutions. Directs the Secretary of the Treasury (the Secretary) to: (1) submit an annual status report to the Congress on the consequent reduction in the overall number of currency transaction reports; (2) streamline currency transaction reports to eliminate information of little value for law enforcement purposes; and (3) assign a single designee to receive reports of suspicious transactions. Directs the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to each establish a pilot program to test the feasibility of using their own examiners to identify money laundering schemes involving depository institutions under their purview. Includes negotiable instruments drawn on foreign banks within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements. Empowers Federal banking agencies to assess civil money penalties. Expresses the sense of the Congress that the States should: (1) establish uniform laws for licensing and regulating businesses which, although not depository institutions, engage in currency transactions; (2) provide sufficient resources for regulatory enforcement; and (3) develop a model statute to implement the regulatory scheme. Directs the Secretary to study and report to the Congress on the States' progress towards developing a model statute. Sets forth Federal registration requirements for money transmitting businesses. Establishes civil and criminal penalties for violation of such requirements. Includes certain casinos and gaming establishments within the purview of monetary transactions subject to Federal recordkeeping and reporting requirements. Denies exemption from Federal recordkeeping and reporting requirements for monetary instruments transactions to: (1) any State or its political subdivisions; and (2) financial institutions already subject to State regulation. Revokes prior recordkeeping exemptions granted prior to the date of enactment of this Act. Requires the Secretary to study and report to the Congress on cashiers' checks in association with: (1) money laundering schemes; and (2) the need for additional recordkeeping requirements.
People & committees
Rep. Gonzalez, Henry B. [D-TX-20] · D–TX
Legislative record
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Received in the Senate and read twice and referred to the Committee on Banking.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
DEBATE - The House proceeded with forty minutes of debate.
Considered under suspension of the rules. (consideration: CR H1558-1564)
Mr. Gonzalez moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 241.
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 103-438.
Reported (Amended) by the Committee on Banking, Finance + Urban Affrs. H. Rept. 103-438.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.
Subcommittee Consideration and Mark-up Session Held.
Subcommittee Hearings Held.
Referred to the Subcommittee on Financial Institutions Supervision, Regulation and Deposit Insurance.
Referred to the House Committee on Banking, Finance + Urban Affrs.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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