Page:United States Statutes at Large Volume 106 Part 5.djvu/408

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106 STAT. 4046 PUBLIC LAW 102-550—OCT. 28, 1992 "(C) The extent to which the national bank, Federal branch, or Federal agency has fully cooperated with law enforcement authorities with resjpect to the investigation of the money laundering offense of which the bank. Federal branch, or Federal agency was found guilty. "(D) The extent to which the national bank. Federal branch, or Federal agency has implemented additional interned controls (since the commission of the offense of which the bank. Federal branch, or Federal agency was found guilty) to prevent the occurrence of any other money laundering offense. "(E) The extent to which the interest of the local community in having adequate deposit and credit services available would be threatened by the forfeiture of the franchise. "(3) SUCCESSOR LIABILITY.— Th is subsection shall not apply to a successor to the interests of, or a person who acquires, a bank, a Federal branch, or a Federal agency that violated a provision of law described in paragraph (1), if the successor succeeds to the interests of the violator, or the acquisition is made, in good faith and not for purposes of evading this subsection or regulations prescribed under this subsection.

    • (4) DEFINITION.— The term 'senior executive officer* has

the same meaning as in regulations prescribed under section 32(f) of the Federal Deposit Insurance Act.**. (b) FEDERAL SAVINGS ASSOCIATIONS.— Section 5 of the Home Owners' Loan Act (12 U.S.C. 1464) is amended by adding at the end the following: "(w) FORFEITURE OF FRANCHISE FOR MONEY LAUNDERING OR CASH TRANSACTION REPORTING OFFENSES. — "(1) IN GENERAL. — "(A) CONVICTION OF TITLE IS OFFENSE. — "(I) DUTY TO NOTIFY.—If a Federal savings association has been convicted of any criminal offense under section 1956 or 1957 of title 18, United States Code, the Attorney General shall provide to the Director a written notification of the conviction and shall include a certified copy of the order of conviction from the court rendering the decision. "(II) NOTICE OF TERMINATION; PRETERMINATION HEARING.— After receiving written notification from the Attorney (General of such a conviction, the Director shall issue to the savings association a notice of the Director's intention to terminate all rights, privileges, and franchises of the savings association and schedule a pretermination hearing. "(B) CONVICTION OF TITLE 31 OFFENSES.— If a Federal savings association is convicted of any criminal offense under section 5322 of title 31, United States Code, after receiving written notification from the Attorney General, the Director may issue to the savings association a notice of the Director's intention to terminate all rights, privileges, and franchises of the savings association and schedule a pretermination hearing. "(C) JUDICIAL REVIEW.— Subsection (d)(l)(B)(vii) shall apply to any proceeding under this subsection.