A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other...
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S 1072 — A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.
Last action — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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✓In Committee
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Died in session
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Declares that failure by a financial institution or any of its directors, officers, employees, or agents to report a suspicious transaction is not a violation of specified monetary transaction reporting requirements if the institution or person has: (1) in effect an established decision-making process with respect to suspicious transactions, (2) made a good faith effort to follow existing policies, procedures, and processes with respect to such transactions; and (3) determined not to file a report with respect to a particular transaction. Deems failure to submit a suspicious transaction report to be a violation of such reporting requirements if it is accompanied by evidence of bad faith on the part of either the financial institution or other person.
Bill Text
We don't have the full text on file for this bill yet.
Read S 1072 on the official United States source →Action History
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
- Rand Paul · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does S 1072 do?
- Declares that failure by a financial institution or any of its directors, officers, employees, or agents to report a suspicious transaction is not a violation of specified monetary transaction reporting requirements if the institution or person has: (1) in effect an established decision-making process with respect to suspicious transactions, (2) made a good faith effort to follow existing policies, procedures, and processes with respect to such transactions; and (3) determined not to file a report with respect to a particular transaction. Deems failure to submit a suspicious transaction report to be a violation of such reporting requirements if it is accompanied by evidence of bad faith on the part of either the financial institution or other person.
- Who sponsors S 1072?
- S 1072 is sponsored by Rand Paul (R).
- What is the current status of S 1072?
- This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track S 1072?
- Track S 1072 free on One Click Politics — get push/email alerts when it moves.
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Last checked for changes about 11 hours ago · updated continuously
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