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Strengthening Anti-Money Laundering Efforts and Standardizing Bank Compliance Exams.

This law aims to enhance the transparency of international efforts against narcotics-related money laundering by requiring the US government to provide detailed reports on improvements made by foreign countries. Furthermore, it mandates the Treasury Department to standardize how federal agencies examine banks for compliance with the Bank Secrecy Act (BSA). These technical changes are designed to strengthen the financial system's security, making it harder for criminals to hide illegal profits.
Key points
Requires detailed reporting on specific actions (e.g., new laws, asset seizures, prosecutions) taken by foreign countries to combat narcotics-related money laundering.
Mandates the Treasury Department to develop a plan within 180 days to standardize Bank Secrecy Act compliance examinations across federal banking agencies.
Introduces requirements for consulting with the Treasury Secretary on money laundering reports and allowing foreign countries to comment on draft reports concerning their jurisdiction.
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Expired
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Additional Information
Print number: 118_HR_5523
Sponsor: Rep. Waters, Maxine [D-CA-43]
Process start date: 2023-09-18
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OFFICIAL LEGAL TITLE

Financial Access Improvements Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5523.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-09-18.

What are the main provisions?

Key points include:

  • Requires detailed reporting on specific actions (e.g., new laws, asset seizures, prosecutions) taken by foreign countries to combat narcotics-related money laundering.
  • Mandates the Treasury Department to develop a plan within 180 days to standardize Bank Secrecy Act compliance examinations across federal banking agencies.
  • Introduces requirements for consulting with the Treasury Secretary on money laundering reports and allowing foreign countries to comment on draft reports concerning their jurisdiction.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Waters, Maxine [D-CA-43].

What is the latest detailed status?

The latest detailed status is: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-805, Part I.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Security