SINGLE DESIGNEE FOR REPORTING OF SUSPICIOUS TRANSACTIONS.

SEC. 403. SINGLE DESIGNEE FOR REPORTING OF SUSPICIOUS TRANSACTIONS. (a) In General.— Section 5318(g) of title 31, United States Code, is amended by adding at the end the following new paragraph: “(4) Single designee for reporting suspicious transactions.— “(A) In general.— In requiring reports under paragraph (1) of suspicious transactions, the Secretary of the Treasury shall designate, to the extent practicable and appropriate, a single officer or agency of the United States to whom such reports shall be made. “(B) Duty of designee.— The officer or agency of the United States designated by the Secretary of the Treasury 108 STAT. 2246pursuant to subparagraph (A) shall refer any report of a suspicious transaction to any appropriate law enforcement or supervisory agency. “(C) Coordination with other reporting requirements.— Subparagraph (A) shall not be construed as precluding any supervisory agency for any financial institution from requiring the financial institution to submit any information or report to the agency or another agency pursuant to any other applicable provision of law.”. (b) Reports.— (1) Reports required.— The Secretary of the Treasury shall submit an annual report to the Congress at the times required under paragraph (2) on the number of suspicious transactions reported to the officer or agency designated under section 5318(g)(4)(A) of title 31, United States Code, during the period covered by the report and the disposition of such reports. (2) Time for submitting reports.— The 1st report required under paragraph (1) shall be filed before the end of the 1-year period beginning on the date of enactment of the Money Laundering Suppression Act of 1994 and each subsequent report shall be filed within 90 days after the end of each of the 5 calendar years which begin after such date of enactment. (c) Designation Required To Be Made Expeditiously.— The initial designation of an officer or agency of the United States pursuant to the amendment made by subsection (a) shall be made before the end of the 180-day period beginning on the date of enactment of this Act.