US Congress Senate Bill 1072 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 1)
Status: Introduced on May 25 2011 - 25% progression, died in committee
Action: 2011-05-25 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

A bill to provide for a good faith exemption from suspicious activity reporting requirements, and for other purposes.

Sen. Rand Paul [R-KY]

Date	Chamber	Action
2011-05-25	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

SB1071 (Related) 2011-05-25 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/1072/all-info
Text	https://www.congress.gov/112/bills/s1072/BILLS-112s1072is.pdf