H.R. 2514

Referred to Committee

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019

Introduced 5/3/2019•116th Congress•House

Latest Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

10/29/2019 • Senate

Summary

Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019

This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.

Among other things, the bill

establishes new offices within financial regulatory agencies related to privacy and civil liberties;
creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws;
allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and
revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN).

The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.

Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

Passed House • 10/28/2019

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Topics & Subjects

Policy Area: Finance and Financial Sector

Administrative law and regulatory proceduresAdministrative remediesAdvanced technology and technological innovationsAdvisory bodiesArchaeology and anthropologyArt, artists, authorshipAsiaBanking and financial institutions regulationBusiness ethicsBusiness recordsChinaCivil actions and liabilityComputer security and identity theftComputers and information technologyCongressional oversightCorporate finance and managementCrime preventionCurrencyDepartment of the Treasury