; and (2) financial institutions, including nonbank financial institutions, should share information about such acts and activities with each other to the fullest extent possible and in a timely fashion. . 3. Disclosure liability Section 5318(g)(3)(B) of title 31, United States Code, is amended— (1) in clause (i), by striking or at the end; (2) in clause (ii), by striking the period and inserting ; or ; and (3) by adding at the end the following: (iii) any duty or requirement of a financial institution or any director, officer, employee, or agent of such institution to demonstrate to any person, as used in such subparagraph, that a disclosure referenced in such subparagraph is made in good faith. . 4. Report to Congress (a) In general Not later than the end of the 120-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate regarding— (1) the Department of the Treasury's assessment of the risks and benefits of allowing sharing of information, consistent with appropriate privacy protections— (A) between United States financial institutions and foreign financial institutions; (B) between United States financial institutions and their foreign subsidiaries; and (C) between United States subsidiaries of foreign financial institutions and their parent financial institutions; and (2) whether a financial institution defined under section 5312(a)(2) of title 31, United States Code, that is not required under Treasury regulations on the date of the enactment of this Act to maintain an anti-money laundering program, should be authorized to appropriately share information pursuant to subsection (b) of section 314 of the USA PATRIOT Act, if— (A) the financial institution voluntarily establishes and maintains such an anti-money laundering program