HR 5524
Foreign Affiliates Sharing Pilot Program Extension Act
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Bill overview
This bill aims to extend a pilot program that allows U.S. financial institutions to share information about suspicious financial activity with their foreign branches, subsidiaries, and affiliates. Currently, the program is set to end in January 2024 and hasn't been fully implemented. By extending the program, the bill gives the Treasury Department more time to develop and issue regulations for how this information sharing will work. This extension provides greater flexibility for the program’s implementation and potential effectiveness in combating financial crime.
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