Page:United States Statutes at Large Volume 106 Part 5.djvu/421

 PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4059 pKTOvides check cashing services, any money transmitting business, and any business that issues or redeems money orders, travelers' checks or similar instruments, that will have a high degr^ of usefiilness in criminal, tax, or regulatory investigations or proceedings. " (B) FACTORS FOR CONSIDERATION.— In prescribing the regulations required under subparagraph (A), the Secretary and the Board shall consider— "(i) the usefulness in criminal, tax, or regulatory investigations or proceedings of any record required to be maintained pursuant to the proposed regulations; and "(ii) the effect the recordkeeping required pursuant to such proposed regulations will have on the cost and efficiency of the payment system. "(C) Availability of records. —Any records required to be maintained pursuant to the regulations prescribed under subparagraph (A) shall be submitted or made available to the Secretary or the Board upon request.". (b) TECHNICAL AND CONFORMING AMENDMENTS. —Sectior 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b) is amended— (1) in subsection (c), by striking '^ach insured" and inserting "Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (b), each insured"; ^ (2) in subsection (e), by striking "Whenever any" and inserting "Subject to the requirements of any regulations prescribed jointly by the Secretiiry and the Board under paragraph (2) or (3) of subsection (b), whenever any"; and (3) in subsection (D, by striking "In addition to" and inserting "Subject to the requirements of any regulations prescribed jointly by the Secretary and the Board under paragraph (2) or (3) of subsection (b) and in addition to". (c) EFFECTIVE DATE OF REGULATIONS. —The initial final regula- 12 USC 182% tions prescribed pursuant to section 21(b)(3) of the Federal Deposit ^°^- Insurance Act (as added by subsection (a)(2) of this section) shall take effect before January 1, 1994. SEC. 1S16. USE OF CERTAIN RECORDS. Section 1112(f) of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3412(f)) is amended— (1) in paragraph (1), by inserting "or the Secretary of the Treasury" after the Attorney General"; and (2) in paragraph (2), by inserting "and only for criminal investigative purposes relating to money laiindering and other financial crimes by the Department of the Treasury after "the Department of Justice". SEC. ISl*^. SUSPICIOUS TRANSACTIONS AND FINANCIAL INSTITUTION ANTI-MONEY LAUNDERING PROGRAMS. (a) REPORTING REQUIREMENT.Section 5324 of title 31, United States Code, is amended by inserting "or section 5325 or regulations prescribed under such section 5325" after "section 5313(a)" each place such term appears. (b) SUSPICIOUS TRANSACTIONS AND ENFORCEMENT PROGRAMS.— Section 5314 of title 31, United States Code, is amended by adding at the end the following new subsections: " (g) REPORTING OF SUSPICIOUS TRANSACTIONS. —

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