Require the Financial Crimes Enforcement Network (FinCEN) to take steps to improve its communications with financial institutions and coordinate with federal financial regulators
Require training for federal financial examiners in enforcing laws aimed at money laundering and the financing of terrorism
Require federal financial regulators to establish innovation labs
Reauthorize the International Affairs Technical Assistance office in the Department of the Treasury
Establish a new FinCEN whistleblower program for the Bank Secrecy Act (BSA)
Prohibit violators of the BSA from deducting attorney’s fees and court costs on their tax returns
Direct the Department of the Treasury to issue several rules that would impose mandates on private entities
Estimated budgetary effects would primarily stem from
Additional actions required of FinCEN and federal financial regulators
Increased fees and assessments paid to federal regulatory agencies
An increase in tax liability by prohibiting deductions of attorney’s fees for violators of the BSA