text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Empowering Financial Institutions to 
  Fight Human Trafficking Act of 2018''.
  
  SEC. 2. ANTI-MONEY LAUNDERING INFORMATION PROVIDERS.
  
      (a) In General.--Subchapter II of chapter 53 of title 31, United 
  States Code, is amended by adding at the end the following:
  ``Sec. 5333. Anti-money laundering information providers
      ``(a) Cooperation Among Financial Institutions and Sources of 
  Information on Human Trafficking and Money Laundering.--
              ``(1) In general.--Not later than the end of the 120-day 
          period beginning on the date of enactment of this section, the 
          Secretary of the Treasury shall issue regulations to allow 
          nonprofit organizations that the Secretary determines to be 
          qualified to share information with financial institutions, 
          associations of financial institutions, their regulatory 
          authorities, and law enforcement agencies regarding 
          individuals, entities, organizations, and countries suspected 
          of possible human trafficking or related money laundering 
          activities.
              ``(2) Cooperation and information sharing procedures.--The 
          regulations required under paragraph (1) may include or create 
          procedures for cooperation and information sharing focused on--
                      ``(A) matters specifically related to those 
                  benefitting directly and indirectly from human 
                  trafficking, the means by which human traffickers 
                  transfer funds within the United States and around the 
                  world, and the extent to which financial institutions, 
                  including depository institutions, asset managers, and 
                  insurers in the United States, are unwittingly involved 
                  in such matters or transfers and the extent to which 
                  such entities are at risk as a result; and
                      ``(B) means of facilitating the identification of 
                  accounts and transactions involving human traffickers 
                  and facilitating the exchange of information concerning 
                  such accounts and transactions between nonprofit 
                  organizations, financial institutions, regulatory 
                  authorities, and law enforcement agencies.
              ``(3) Method of regulation.--The regulations required under 
          paragraph (1) may--
                      ``(A) be made coextensive with the regulations 
                  adopted pursuant to other programs, regulated by the 
                  Secretary, for sharing information on unlawful 
                  activities between financial institutions;
                      ``(B) establish a registration process overseen by 
                  the Secretary that--
                              ``(i) requires a nonprofit organization to 
                          demonstrate that they meet certain 
                          qualifications that the Secretary determines 
                          appropriate, including the establishment of 
                          policies and procedures reasonably designed to 
                          ensure the prompt identification and correction 
                          of inaccurate information shared under 
                          paragraph (1);
                              ``(ii) allows the Secretary to disqualify 
                          nonprofit organizations that do not meet such 
                          qualifications; and
                              ``(iii) allows the Secretary to terminate 
                          the registration of a nonprofit organization at 
                          any point if the Secretary determines such 
                          termination is appropriate and provides 
                          sufficient notice of such termination to the 
                          applicable nonprofit organization;
                      ``(C) require a nonprofit organization to register 
                  with the Secretary before sharing information that will 
                  be subject to the safe harbor provided under subsection 
                  (b); and
                      ``(D) ensure that financial institutions, 
                  associations of financial institutions, their 
                  regulatory authorities, law enforcement authorities, 
                  and any other appropriate entities are made aware of 
                  those nonprofit organizations that are registered with 
                  the Secretary.
              ``(4) Recipients of information.--
                      ``(A) In general.--The Secretary shall determine 
                  those financial institutions which are eligible to be 
                  recipients of information from nonprofit organizations 
                  made in compliance with the regulations issued under 
                  subsection (a). Such eligible financial institutions 
                  may include those already participating in existing 
                  information sharing programs regulated by the Secretary 
                  regarding unlawful activity.
                      ``(B) No safe harbor for information provided to 
                  other financial institutions.--If a nonprofit 
                  organization shares information with a financial 
                  institution that is not eligible under subparagraph 
                  (A), such sharing of information shall not be subject 
                  to the safe harbor provided under subsection (b).
              ``(5) Information sharing between financial institutions.--
          The regulations adopted pursuant to this section--
                      ``(A) may be coextensive with other regulations 
                  governing the sharing of information between financial 
                  institutions on suspected unlawful activities; and
                      ``(B) shall allow financial institutions that 
                  receive information in compliance with the regulations 
                  issued under subsection (a) to share such information 
                  with other financial institutions through existing 
                  information sharing programs.
      ``(b) Safe Harbor for Information Providers.--
              ``(1) In general.--A nonprofit organization, financial 
          institution, association of financial institutions, regulatory 
          authority of a financial institution, or law enforcement agency 
          in compliance with the regulations issued under subsection (a) 
          that transmits or shares information described under subsection 
          (a) for the purposes of identifying or reporting activities 
          that may involve human trafficking acts or related money 
          laundering activities shall not be liable to any person under 
          any law or regulation of the United States, any constitution, 
          law, or regulation of any State or political subdivision 
          thereof, or under any contract or other legally enforceable 
          agreement (including any arbitration agreement), for such 
          disclosure or for any failure to provide notice of such 
          disclosure to the person who is the subject of such disclosure, 
          or any other person identified in the disclosure, except where 
          such transmission or sharing violates this section or 
          regulations issued pursuant to this section.
              ``(2) No good faith requirement.--A nonprofit organization, 
          financial institution, association of financial institutions, 
          regulatory authority of a financial institution, or law 
          enforcement agency that transmits or shares information 
          described under paragraph (1) shall not be required to 
          demonstrate that such transmission or sharing was made on a 
          good faith basis in order to receive the benefit of the safe 
          harbor provided by paragraph (1).
      ``(c) Non-Mandatory Compliance With This Section.--This section may 
  not be construed as requiring a nonprofit organization to comply with 
  the regulations issued under subsection (a) before sharing information 
  with a financial institution, association of financial institutions, 
  regulatory authority of a financial institution, or law enforcement 
  agency.
      ``(d) Reports to the Financial Services Industry on Suspicious 
  Financial Activities.--Beginning 10 months after the date of the 
  enactment of this section, and at least semiannually thereafter, the 
  Secretary of the Treasury shall--
              ``(1) publish a report containing a detailed analysis 
          identifying patterns of suspicious activity and other 
          investigative insights derived from the regulations issued 
          under this section and investigations conducted by Federal, 
          State, local, and Tribal law enforcement agencies to the extent 
          appropriate;
              ``(2) distribute such report to financial institutions; and
              ``(3) provide such report upon publication to the Committee 
          on Financial Services of the House of Representatives and the 
          Committee on Banking, Housing, and Urban Affairs of the Senate.
      ``(e) Nonprofit Organization Defined.--For purposes of this 
  section, the term `nonprofit organization' means an organization 
  described in section 501(c)(3) of the Internal Revenue Code of 1986 and 
  exempt from taxation under section 501(a) of such Code.''.
      (b) Clerical Amendment.--The table of contents for chapter 53 of 
  title 31, United States Code, is amended by inserting after the item 
  relating to section 5332 the following:
  
  ``5333. Anti-money laundering information providers.''.
  
              Passed the House of Representatives September 26, 2018.
  
              Attest:
  
                                                   KAREN L. HAAS,
  
                                                                   Clerk.
target: 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. 
feat_title: Empowering Financial Institutions to Fight Human Trafficking Act of 2018