Federal functional regulator
(5) Considerations in imposing reporting requirements.— (A) Definitions .— In this paragraph, the terms “Bank Secrecy Act”, “Federal functional regulator”, “State bank supervisor”, and “State credit union supervisor” have the meanings given the terms in section 6003 of the Anti-Money Laundering Act of 2020. (B) Requirements .— In imposing any requirement to report any suspicious transaction under this subsection, the Secretary of the Treasury, in consultation with the Attorney General, appropriate representatives of State bank supervisors, State credit union supervisors, and the Federal functional regulators, shall consider items that include— (i) the national priorities established by the Secretary; (ii) the purposes described in section 5311; and (iii) the means by or form in which the Secretary shall receive such reporting, including the burdens imposed by such means or form of reporting on persons required to provide such reporting, the efficiency of the means or form, and the benefits derived by the means or form of reporting by Federal law enforcement agencies and the intelligence community in countering financial crime, including money laundering and the financing of terrorism. (C) Compliance program .— Reports filed under this subsection shall be guided by the compliance program of a covered financial institution with respect to the Bank Secrecy Act, including the risk assessment processes of the covered institution that should include a consideration of priorities established by the Secretary of the Treasury under section 5318. (D) Streamlined data and real-time reporting.— (i) Requirement to establish system .— In considering the means by or form in which the Secretary of the Treasury shall receive reporting pursuant to subparagraph (B)(iii), the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, and in consultation with appropriate representatives of the State bank supervisors, State credit union supervisors, and Federal functional regulators, shall— (I) establish streamlined, including automated, processes to, as appropriate, permit the filing of noncomplex categories of reports that— (aa) reduce burdens imposed on persons required to report; and (bb) do not diminish the usefulness of the reporting to Federal law enforcement agencies, national security officials, and the intelligence community in combating financial crime, including the financing of terrorism; (II) subject to clause (ii)— (aa) permit streamlined, including automated, reporting for the categories described in subclause (I); and (bb) establish the conditions under which the reporting described in item (aa) is permitted; and (III) establish additional systems and processes as necessary to allow for the reporting described in subclause (II)(aa). (ii) Standards .— The Secretary of the Treasury— (I) in carrying out clause (i), shall establish standards to ensure that streamlined reports relate to suspicious transactions relevant to potential violations of law (including regulations); and (II) in establishing the standards under subclause (I), shall consider transactions, including structured transactions, designed to evade any regulation promulgated under this subchapter, certain fund and asset transfers with little or no apparent economic or business purpose, transactions without lawful purposes, and any other transaction that the Secretary determines to be appropriate. (iii) Rule of construction .— Nothing in this subparagraph may be construed to preclude the Secretary of the Treasury from— (I) requiring reporting as provided for in subparagraphs (B) and (C); or (II) notifying Federal law enforcement with respect to any transaction that the Secretary has determined implicates a national priority established by the Secretary.