Special Measures to Fight Modern Threats Act

Special Measures to Fight Modern Threats Act

This bill expands the special measures available to the Financial Crimes Enforcement Network (FinCEN) to combat money laundering regarding

• a jurisdiction outside of the United States;
• a financial institution operating outside of the United States;
• a class of transaction within, or involving, a jurisdiction outside of the United States; or
• one or more types of accounts.

Specifically, FinCEN may prohibit or impose conditions upon the opening or maintaining in the United States of a correspondent account or payable-through account by any domestic financial institution or domestic financial agency without requiring, as under current law, that such account be for or on behalf of a foreign banking institution.

Further, FinCEN may prohibit or impose conditions upon certain transmittals of funds to or from any domestic financial institution or domestic financial agency if such transmittal of funds involves any such jurisdiction, institution, class of transaction, or type of account.