106 STAT. 4056 PUBLIC LAW 102-550—OCT. 28,1992

SEC. 1607. RESTRICTING STATE BRANCHES AND AGENCIES OF FOR-
EIGN BANKS CONVICTED OF MONEY LAUNDERING
OFFENSES.

Section 7 of the International Banking Act of 1978 (12 U.S.C.
3105) is amended by inserting after subsection (h) the following
new subsection:

"(i) PROCEEDINGS RELATED TO CONVICTION FOR MONEY
LAUNDERING OFFENSES.—

"(1) NOTICE OF INTENTION TO ISSUE ORDER.—If the Board
finds or receives written notice from the Attorney General
that^-

"(A) any foreign bank which operates a State agency,
a State branch which is not an insured branch, or a State
commercial lending company subsidiary;
"(B) any State agency;

"(C) any State branch which is not an insured branch;
or

"(D) any State commercial lending subsidiary,
has been found guilty of any money laundering offense, the
Board shall issue a notice to the agency, branch, or subsidiary
of the Board's intention to commence a termination proceeding
under subsection (e).

"(2) DEFINITIONS.—For purposes of this subsection—

"(A) INSURED BRANCH.—The term 'insured branch' has
the meaning given such term in section 3(s) of the Federal
Deposit Insurance Act.

"(B) MONEY LAUNDERING OFFENSE DEFINED.—The term
'money laundering offense' means any criminal offense
under section 1956 or 1957 of title 18, United States Code,
or under section 5322 of title 31, United States Code.".

Subtitle B—Nonbank Financial
Institutions and General Provisions

SEC. 1511. IDENTIFICATION OF FINANCIAL INSTITUTIONS.

(a) IN GENERAL.—Subchapter II of chapter 53 of title 31, United
States Code, is amended by inserting after section 5326 the follow-
ing new section:

"S 5327. Identification of financial institutions

"(a) REGULATIONS REQUIRED.—The Secretary of the Treasury
shall prescribe regulations requiring each depository institution
to identify any customer (of tne depository institution) which—
"(1) is a financial institution described in—

"(A) any subparagraph of section 5312(aX2) other than
subparagraphs (A) through (G); or

"(B) any regulation under any such subparagraph; and
"(2) has any account with the depository institution,
"(b) REPORTS REQUIRED.—Each depository institution shall
report the names of and other information about financial institu-
tion customers required to be identified under subsection (a) to
the Secretary at such times and in such manner as the Secretary
shall prescribe by regulation.

"(c) REPORTING OFFENSES.—No person shall cause or attempt
to cause any depository institution to fail to file a report required