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H.R. 1037: Banking Transparency for Sanctioned Persons Act of 2019


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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 14, 2019.


Banking Transparency for Sanctioned Persons Act of 2019

This bill requires the Department of the Treasury to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons.

Treasury may waive these reporting requirements with respect to a foreign financial institution if

the institution credibly assures Treasury that it will cease conducting transactions for such persons, or the waiver is important to the national interest.