Banking Transparency for Sanctioned Persons Act of 2018

Bill 115 hr 6751, also known as the Banking Transparency for Sanctioned Persons Act of 2018, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to increase transparency in the banking system when it comes to individuals who have been sanctioned by the US government.

The bill requires financial institutions to report any transactions or accounts that are linked to individuals who have been sanctioned by the US government. This information would then be shared with relevant government agencies to ensure that these individuals are not able to access funds through the banking system.

Additionally, the bill includes provisions for penalties for financial institutions that fail to comply with these reporting requirements. This is meant to incentivize banks to take the necessary steps to prevent sanctioned individuals from using the banking system for illicit activities. Overall, the Banking Transparency for Sanctioned Persons Act of 2018 aims to strengthen the US government's ability to enforce sanctions and prevent individuals who have been sanctioned from accessing funds through the banking system.