PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in House · Jun 5, 1998
Money Laundering Deterrence Act of 1998 - Revises Federal law to expand the scope of immunity from civil liability (under any contract or other legally enforceable agreement, including an arbitration agreement, as well as under Federal or State law) for disclosures of suspicious monetary transactions made by: (1) a financial institution and any of its directors, officers, employees, or agents to an appropriate governmental agency; or (2) an independent accountant who audits a financial institution. Extends such immunity to any failure to notify either the subject of such disclosure, or any other person identified in it. (Sec. 3) Prohibits notification of such disclosures or their contents: (1) to any person involved in the suspect transaction; or (2) by any government staff to other government agencies. Exempts from such prohibition any use of related information by government officers in the conduct of either official duties or law enforcement, regulatory, or investigative proceedings. States that written employment references submitted by a financial institution to another upon request may disclose information concerning possible involvement in suspicious transactions relevant to possible illegalities. Shields from civil liability any financial institution and its directors, officers, employees, and agents for any such disclosures. Authorizes the Secretary to disseminate information contained in such reports to certain self-regulatory organizations subject to the Securities Exchange Act of 1934, if the Securities and Exchange Commission determines it is necessary or appropriate for such organizations' statutory functions. (Sec. 4) Authorizes the Secretary to summon financial institution records in connection with examinations to determine compliance with designated statutory requirements. (Sec. 5) Provides for civil and criminal penalties for violations of orders the Secretary of the Treasury may issue to a financial institution or group of financial institutions in a geographic area (geographic targeting orders). Increases civil and criminal penalties for violations of specified recordkeeping requirements. Amends the Federal Deposit Insurance Act and specified monetary law to increase civil and criminal penalties for violation of recordkeeping requirements. (Sec. 6) Amends the Money Laundering Suppression Act of 1994 to repeal the requirement for a periodic status report by the Secretary to the Congress on progress by the States in enacting a model statute to implement uniform State licensing and regulation of check cashing, currency exchange, and money transmitting businesses. (Sec. 8) Transfers from the Internal Revenue Code to Federal law governing monetary transactions specified reporting requirements relating to coins and currency received in nonfinancial trade or business. (Sec. 9) Expresses the sense of the Congress that the Secretary, in conjunction with the Board of Governors of the Federal Reserve System, should expedite promulgation of "know your customer" regulations for financial institutions.
People & committees
Rep. Leach, James A. [R-IA-1] · R–IA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Received in the Senate.
The title of the measure was amended. Agreed to without objection.
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 H9474-9480)
Mr. Leach moved to suspend the rules and pass the bill, as amended.
Committee on Ways and Means discharged.
Placed on the Union Calendar, Calendar No. 405.
Committee on Ways and Means discharged.
House Committee on Ways and Means Granted an extension for further consideration ending not later than Sept. 11, 1998.
House Committee on Ways and Means Granted an extension for further consideration ending not later than Aug. 7, 1998.
Committee on Judiciary discharged.
Committee on Judiciary discharged.
House Committee on Ways and Means Granted an extension for further consideration ending not later than July 31, 1998.
Referred sequentially to the House Committee on the Judiciary for a period ending not later than July 31, 1998 for consideration of such provisions of the bill and amendment recommended by the Committee on Banking and Financial Services as fall within the jurisdiction of that committee pursuant to clause 1(c), rule X.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-611, Part I.
Reported (Amended) by the Committee on Banking and Financial Services. H. Rept. 105-611, Part I.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Referred to House Ways and Means
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Banking and Financial Services
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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