Page:United States Statutes at Large Volume 118.djvu/3779

 118 STAT. 3749 PUBLIC LAW 108–458—DEC. 17, 2004 institutions as the Secretary determines to be appropriate to report to the Financial Crimes Enforcement Network certain cross-border electronic transmittals of funds, if the Secretary determines that reporting of such transmittals is reasonably necessary to conduct the efforts of the Secretary against money laundering and terrorist financing. ‘‘(2) LIMITATION ON REPORTING REQUIREMENTS.—Informa- tion required to be reported by the regulations prescribed under paragraph (1) shall not exceed the information required to be retained by the reporting financial institution pursuant to section 21 of the Federal Deposit Insurance Act and the regula- tions promulgated thereunder, unless— ‘‘(A) the Board of Governors of the Federal Reserve System and the Secretary jointly determine that a par- ticular item or items of information are not currently required to be retained under such section or such regula- tions; and ‘‘(B) the Secretary determines, after consultation with the Board of Governors of the Federal Reserve System, that the reporting of such information is reasonably nec- essary to conduct the efforts of the Secretary to identify cross-border money laundering and terrorist financing. ‘‘(3) FORM AND MANNER OF REPORTS.—In prescribing the regulations required under paragraph (1), the Secretary shall, subject to paragraph (2), determine the appropriate form, manner, content, and frequency of filing of the required reports. ‘‘(4) FEASIBILITY REPORT.— ‘‘(A) IN GENERAL.—Before prescribing the regulations required under paragraph (1), and as soon as is practicable after the date of enactment of the National Intelligence Reform Act of 2004, the Secretary shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that— ‘‘(i) identifies the information in cross-border elec- tronic transmittals of funds that may be found in par- ticular cases to be reasonably necessary to conduct the efforts of the Secretary to identify money laun- dering and terrorist financing, and outlines the criteria to be used by the Secretary to select the situations in which reporting under this subsection may be required; ‘‘(ii) outlines the appropriate form, manner, con- tent, and frequency of filing of the reports that may be required under such regulations; ‘‘(iii) identifies the technology necessary for the Financial Crimes Enforcement Network to receive, keep, exploit, protect the security of, and disseminate information from reports of cross-border electronic transmittals of funds to law enforcement and other entities engaged in efforts against money laundering and terrorist financing; and ‘‘(iv) discusses the information security protections required by the exercise of the Secretary’s authority under this subsection. ‘‘(B) CONSULTATION.—In reporting the feasibility report under subparagraph (A), the Secretary may consult with VerDate 11-MAY-2000 13:54 Nov 10, 2005 Jkt 029194 PO 00000 Frm 00283 Fmt 6580 Sfmt 6581 C:\STATUTES\2004\29194PT4.001 APPS10 PsN: 29194PT4

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