PUBLIC LAW 102-550—OCT. 28, 1992 106 STAT. 4059

provides check cashing services, any money transmit-
ting business, and any business that issues or redeems
money orders, travelers' checks or similar instruments,

that will have a high degree of usefulness in criminal,

tax, or regulatory investigations or proceedings.

a(B) FACTORS FOR CONSIDERATION.—In prescribing the

regulations required under subparagraph (A), the Secretary

and the Board shall consider—

"(i) the usefulness in criminal, tax, or regulatory
investigations or proceedings of any record required
to be maintained pursuant to the proposed regulations;
and

"(ii) the effect the recordkeeping required pursuant
to such proposed regulations will have on the cost
and efficiency of the payment system.
"(C) Availability of records.—Any records required to

be maintained pursuant to the regulations prescribed under

subparagraph (A) shall be submitted or made available

to the Secretary or the Board upon request.".

(b) TECHNICAL AND CONFORMING AMENDMENTS.—-Section 21 of
the Federal Deposit Insurance Act (12 U.S.C. 1829b) is amended—

(1) in subsection (c), by striking "Each insured" and insert-
ing "Subject to the requirements of any regulations prescribed
jointly by the Secretary and the Board under paragraph (2)
or (3) of subsection (b), each insured";

(2) in subsection (e), by striking "Whenever any" and insert-
ing "Subject to the requirements of any regulations prescribed
jointly by the Secretary and the Board under paragraph (2)
or (3) of subsection (b), whenever any"; and

(3) in subsection (f), by striking "In addition to" and insert-
ing "Subject to the requirements of any regulations prescribed
jointly by the Secretary and the Board under paragraph (2)
or (3) of subsection (b) and in addition to".

(c) EFFECTIVE DATE OF REGULATIONS.—The initial final regula- 12 use I829b
tions prescribed pursuant to section 21(bX3) of the Federal Deposit note-
Insurance Act (as added by subsection (aX2) of this section) shall

take effect before January 1,1994.

SEC. 1516. USE OF CERTAIN RECORDS.

Section 1112(f) of the Right to Financial Privacy Act of 1978
(12 U.S.C. 3412(f» is amended—

(1) in paragraph (1), by inserting "or the Secretary of
the Treasury" after the Attorney General"; and

(2) in paragraph (2), by inserting "and only for criminal
investigative purposes relating to money laundering and other
financial crimes by the Department of the Treasury^ after "the
Department of Justice".

SEC. 1511. SUSPICIOUS TRANSACTIONS AND FINANCIAL INSTITUTION
ANTI-MONEY LAUNDERING PROGRAMS.

(a) REPORTING REQUiREMENT^r-Section 5324 of title 31, United
States Code, is amended by inserting "or section 5325 or regulations
prescribed under such section 5325" after "section 5313(a)" each
place such term appears.

(b) SUSPICIOUS TRANSACTIONS AND ENFORCEMENT PROGRAMS.—
Section 5314 of title 31, United States Code, is amended by adding
at the end the following new subsections:

"(g) REPORTING OF SUSPICIOUS TRANSACTIONS.—