To make reforms to the Bank Secrecy Act, and for other purposes.
Bank Privacy Reform Act
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant.
The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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