To make improvements to the Financial Crimes Enforcement Network, and for other purposes.
FinCEN Oversight and Accountability Act of 2023
This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.
Further, Treasury must disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents. The bill also limits the authority of Treasury to make certain exceptions regarding proposed or final rules related to FinCEN to the person performing the duties of the Secretary.
The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
Referred to the House Committee on Financial Services.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 46 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
Placed on the Union Calendar, Calendar No. 254.
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