Page:United States Statutes at Large Volume 115 Part 1.djvu/329

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PUBLIC LAW 107-56 —OCT. 26, 2001 115 STAT. 307 bank is authorized to conduct banking activities, at which location the foreign bank— "(I) employs 1 or more individuals on a fulltime basis; and "(II) maintains operating records related to its banking activities; and "(iii) is subject to inspection by the banking authority which licensed the foreign bank to conduct banking activities.", (b) EFFECTIVE DATE.—The amendment made by subsection (a) 3i use 5318 shall take effect at the end of the 60-day period beginning on note. the date of enactment of this Act. SEC. 314. COOPERATIVE EFFORTS TO DETER MONEY LAUNDERING. 31 USC 5311 (a) COOPERATION AMONG FINANCIAL INSTITUTIONS, REGULATORY AUTHORITIES, AND LAW ENFORCEMENT AUTHORITIES. — (1) REGULATIONS.—The Secretary shall, within 120 days Deadline. after the date of enactment of this Act, adopt regulations to encourage further cooperation among financial institutions, their regulatory authorities, and law enforcement authorities, with the specific purpose of encouraging regulatory authorities and law enforcement authorities to share with financial institutions information regarding individuals, entities, and organizations engaged in or reasonably suspected based on credible evidence of engaging in terrorist acts or money laundering activities. (2) COOPERATION AND INFORMATION SHARING PROCE- DURES.— The regulations adopted under paragraph (1) may include or create procedures for cooperation and information sharing focusing on— (A) matters specifically related to the finances of terrorist groups, the means by which terrorist groups transfer funds around the world and within the United States, including through the use of charitable organizations, nonprofit organizations, and nongovernmental organizations, and the extent to which financial institutions in the United States are unwittingly involved in such finances and the extent to which such institutions are at risk as a result; (B) the relationship, particularly the financial relationship, between international narcotics traffickers and foreign terrorist organizations, the extent to which their memberships overlap and engage in joint activities, and the extent to which they cooperate with each other in raising and transferring funds for their respective purposes; and (C) means of facilitating the identification of accounts and transactions involving terrorist groups and facilitating the exchange of information concerning such accounts and transactions between financial institutions and law enforcement organizations. (3) CONTENTS.— The regulations adopted pursuant to paragraph (1) may— (A) require that each financial institution designate 1 or more persons to receive information concerning, and to monitor accounts of individuals, entities, and organizations identified, pursuant to paragraph (1); and (B) further establish procedures for the protection of the shared information, consistent with the capacity, size.