Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019
This bill generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws.
Among other things, the bill
establishes new offices within financial regulatory agencies related to privacy and civil liberties; creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws; allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and revises whistleblower incentives related to actions brought by the Financial Crimes Enforcement Network (FinCEN). The bill also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions.
Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.
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