To require the Secretary of the Treasury to provide for greater transparency and protections with regard to Bank Secrecy Act reports, and for other purposes.
Financial Privacy Act of 2023
This bill requires the Department of the Treasury to annually report to Congress details of reports made to the Financial Crimes Enforcement Network (FinCEN). FinCEN collects reports on suspicious financial transactions and the beneficial ownership of companies in order to detect financial crimes, including money laundering.
Under the bill, FinCEN must report on the number and types of reports and whether they are retained by FinCEN, any guidance regarding outside agency access to these reports, agency requests for these reports, and any denials of access.
Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.
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: 47 - 0.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-317.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-317.
Placed on the Union Calendar, Calendar No. 256.
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