Description:
The bill would Require the Financial Crimes Enforcement Network (FinCEN) to take steps to improve its communications with financial institutions and coordinate with federal financial regulators Require training for federal financial examiners in enforcing laws aimed at money laundering and the financing of terrorism Require federal financial regulators to establish innovation labs Reauthorize the International Affairs Technical Assistance office in the Department of the Treasury Establish a new FinCEN whistleblower program for the Bank Secrecy Act (BSA) Prohibit violators of the BSA from deducting attorney’s fees and court costs on their tax returns Direct the Department of the Treasury to issue several rules that would impose mandates on private entities Estimated budgetary effects would primarily stem from Additional actions required of FinCEN and federal financial regulators Increased fees and assessments paid to federal regulatory agencies An increase in tax liability by prohibiting deductions of attorney’s fees for violators of the BSA
