SUSPICIOUS TRANSACTIONS AND FINANCIAL INSTITUTION ANTI-MONEY LAUNDERING PROGRAMS.

SEC. 1517. SUSPICIOUS TRANSACTIONS AND FINANCIAL INSTITUTION ANTI-MONEY LAUNDERING PROGRAMS. (a) Reporting Requirement.—Section 5324 of title 31, United States Code, is amended by inserting “or section 5325 or regulations prescribed under such section 5325” after “section 5313(a)” each place such term appears. (b) Suspicious Transactions and Enforcement Programs.—Section 5314 of title 31, United States Code, is amended by adding at the end the following new subsections: “(g) Reporting of Suspicious Transactions.— 106 STAT. 4060 “(1) In general.—The Secretary may require any financial institution, and any director, officer, employee, or agent of any financial institution, to report any suspicious transaction relevant to a possible violation of law or regulation. “(2) Notification prohibited.—A financial institution, and a director, officer, employee, or agent of any financial institution, who voluntarily reports a suspicious transaction, or that reports a suspicious transaction pursuant to this section or any other authority, may not notify any person involved in the transaction that the transaction has been reported. “(3) Liability for disclosures.—Any financial institution that makes a disclosure of any possible violation of law or regulation or a disclosure pursuant to this subsection or any other authority, and any director, officer, employee, or agent of such institution, shall not be liable to any person under any law or regulation of the United States or any constitution, law, or regulation of any State or political subdivision thereof, for such disclosure or for any failure to notify the person involved in the transaction or any other person of such disclosure. “(h) Anti-Money Laundering Programs.— “(1) In general.— In order to guard against money laundering through financial institutions, the Secretary may require financial institutions to carry out anti-money laundering pro-grams, including at a minimum “(A) the development of internal policies, procedures, and controls, “(B) the designation of a compliance officer, “(C) an ongoing employee training program, and “(D) an independent audit function to test programs. “(2) Regulations.—The Secretary may prescribe minimum standards for programs established under paragraph (1).”.