PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking.
Congressional Research Service
Version 00 · Introduced in Senate · Jun 11, 1998
Money Laundering Deterrence Act of 1998 - Revises Federal law to expand the scope of immunity from civil liability 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 other 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
Sen. Grassley, Chuck [R-IA] · R–IA
Legislative record
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Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S6198-6199)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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