PUBLIC LAW 99-570—OCT. 27, 1986 II-
100 STAT. 3207-28
"(B) EXAMINATIONS OF ASSOCIATIONS ro INCLUDE REVIEW OF
COMPUANCE PROCEDURES.— "(i) IN GENERAL.—Each examination of an association by the Board shall include a review of the procedures required to be established and maintained under subparagraph (A), "(ii) EXAM REPORT REQUIREMENT.—The report of examina-
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tion shall describe any problem with the procedures maintained by the association. "(C) ORDER TO COMPLY WITH REQUIREMENTS.—If the Board determines that an association— "(i) has failed to establish and maintain the procedures described in subparagraph (A); or "(ii) has failed to correct any problem with the procedures maintained by such association which was previously reported to the association by the Board, the Board shall issue an order in the manner prescribed in paragraph (2) or (3) requiring such association to cease and desist from its violation of this paragraph or regulations prescribed under this paragraph.".
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(2) CIVIL MONEY PENALTIES FOR FAILURE TO MAINTAIN COMPLIANCE PROCEDURES.—Section 5(d)(8)(B)(i) of the Home Owners'
Loan Act of 1933 (12 U.S.C. 1464(d)(8)(B)(i)) is amended by striking out "paragraph (2) or (3)" and inserting in lieu thereof "paragraph (2), (3), or (16)". (c) INSURED THRIFT INSTITUTIONS.—
(1) IN GENERAL.—Section 407 of the National Housing Act (12 U.S.C. 1730) is amended by adding at the end thereof the following new subsection: "(s) COMPUANCE WITH MONETARY TRANSACTION RECORDKEEPING AND REPORT REQUIREMENTS.— "(1) COMPUANCE PROCEDURES REQUIRED.—The Corporation
shall prescribe regulations requiring insured institutions to establish and maintain procedures reasonably designed to assure and monitor the compliance of such institutions with the requirements of subchapter II of chapter 53 of title 31, United States Code.
Regulations.
31 USC 5311 et
"(2) EXAMINATIONS OF INSTITUTIONS TO INCLUDE REVIEW OF seq. COMPUANCE PROCEDURES.—
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"(A) IN GENERAL.—Each examination of an insured institution by the Corporation shall include a review of the procedures required to be established and maintained under paragraph (1). "(B) EXAM REPORT REQUIREMENT.—The report of examina-
tion shall describe any problem with the procedures maintained by the insured institution.
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"(3) ORDER TO COMPLY WITH REQUIREMENTS.—If the Corpora-
tion determines that an insured institution— "(A) has failed to establish and maintain the procedures described in paragraph (1); or "(B) has failed to correct any problem with the procedures maintained by such institution which was previously
reported to the institution by the Corporation, the Corporation shall issue £m order in the manner prescribed in subsection (e) or (f) requiring such institution to cease and desist from its violation of this subsection or regulations prescribed under this subsection.".
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