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SEC. 314. COOPERATIVE EFFORTS TO DETER MONEY LAUNDERING.
(a) COOPERATION AMONG FINANCIAL INSTITUTIONS, REGULATORY AUTHORITIES, AND LAW
ENFORCEMENT AUTHORITIES-
(1) REGULATIONS- The Secretary shall, within 120 days after the date of
enactment of this Act, adopt regulations to encourage further cooperation
among financial institutions, their regulatory authorities, and law
enforcement authorities, with the specific purpose of encouraging regulatory
authorities and law enforcement authorities to share with financial
institutions information regarding individuals, entities, and organizations
engaged in or reasonably suspected based on credible evidence of engaging in
terrorist acts or money laundering activities.
(2) COOPERATION AND INFORMATION SHARING PROCEDURES- The regulations adopted
under paragraph (1) may include or create procedures for cooperation and
information sharing focusing on--
(A) matters specifically related to the finances of terrorist groups, the
means by which terrorist groups transfer funds around the world and within
the United States, including through the use of charitable organizations,
nonprofit organizations, and nongovernmental organizations, and the extent
to which financial institutions in the United States are unwittingly
involved in such finances and the extent to which such institutions are at
risk as a result;
(B) the relationship, particularly the financial relationship, between
international narcotics traffickers and foreign terrorist organizations,
the extent to which their memberships overlap and engage in joint
activities, and the extent to which they cooperate with each other in
raising and transferring funds for their respective purposes; and
(C) means of facilitating the identification of accounts and transactions
involving terrorist groups and facilitating the exchange of information
concerning such accounts and transactions between financial institutions
and law enforcement organizations.
(3) CONTENTS- The regulations adopted pursuant to paragraph (1) may--
(A) require that each financial institution designate 1 or more persons to
receive information concerning, and to monitor accounts of individuals,
entities, and organizations identified, pursuant to paragraph (1); and
(B) further establish procedures for the protection of the shared
information, consistent with the capacity, size, and nature of the
institution to which the particular procedures apply.
(4) RULE OF CONSTRUCTION- The receipt of information by a financial
institution pursuant to this section shall not relieve or otherwise modify
the obligations of the financial institution with respect to any other
person or account.
(5) USE OF INFORMATION- Information received by a financial institution
pursuant to this section shall not be used for any purpose other than
identifying and reporting on activities that may involve terrorist acts or
money laundering activities.
(b) COOPERATION AMONG FINANCIAL INSTITUTIONS- Upon notice provided to the
Secretary, 2 or more financial institutions and any association of financial
institutions may share information with one another regarding individuals,
entities, organizations, and countries suspected of possible terrorist or
money laundering activities. A financial institution or association that
transmits, receives, or shares such information for the purposes of
identifying and reporting activities that may involve terrorist acts or money
laundering activities shall not be liable to any person under any law or
regulation of the United States, any constitution, law, or regulation of any
State or political subdivision thereof, or under any contract or other legally
enforceable agreement (including any arbitration agreement), for such
disclosure or for any failure to provide notice of such disclosure to the
person who is the subject of such disclosure, or any other person identified
in the disclosure, except where such transmission, receipt, or sharing
violates this section or regulations promulgated pursuant to this section.
(c) RULE OF CONSTRUCTION- Compliance with the provisions of this title
requiring or allowing financial institutions and any association of financial
institutions to disclose or share information regarding individuals, entities,
and organizations engaged in or suspected of engaging in terrorist acts or
money laundering activities shall not constitute a violation of the provisions
of title V of the Gramm-Leach-Bliley Act (Public Law 106-102).
(d) REPORTS TO THE FINANCIAL SERVICES INDUSTRY ON SUSPICIOUS FINANCIAL
ACTIVITIES- At least semiannually, the Secretary shall--
(1) publish a report containing a detailed analysis identifying patterns of
suspicious activity and other investigative insights derived from suspicious
activity reports and investigations conducted by Federal, State, and local
law enforcement agencies to the extent appropriate; and
(2) distribute such report to financial institutions (as defined in section
5312 of title 31, United States Code).