To allow nonprofit organizations to register with the Secretary of the Treasury and share information on activities that may involve human trafficking or money laundering with financial institutions and regulatory authorities, under a safe harbor that offers protections from liability, in order to better identify and report potential human trafficking or money laundering activities.
Committees
Senate Banking, Housing, and Urban Affairs Committee
Bill Summary
Empowering Financial Institutions to Fight Human Trafficking Act of 2018 (Sec. 2) This bill allows a qualified nonprofit organization to share information with financial institutions and other authorities regarding possible human trafficking or related money laundering activities. The Department of the Treasury must determine which financial institutions are eligible to receive this information. Nonprofit organizations, financial institutions, and other authorities shall not be held liable for sharing this information in compliance with specified regulations.
To allow nonprofit organizations to register with the Secretary of the Treasury and share information on activities that may involve human trafficking or money laundering with financial institutions and regulatory authorities, under a safe harbor that offers protections from liability, in order to better identify and report potential human trafficking or money laundering activities.
Empowering Financial Institutions to Fight Human Trafficking Act of 2018 (Sec. 2) This bill allows a qualified nonprofit organization to share information with financial institutions and other authorities regarding possible human trafficking or related money laundering activities. The Department of the Treasury must determine which financial institutions are eligible to receive this information. Nonprofit organizations, financial institutions, and other authorities shall not be held liable for sharing this information in compliance with specified regulations.