FinCEN Exam Delegation Study

FinCEN Exam Delegation Study

This bill requires the Department of the Treasury to brief specified congressional committees on Treasury's delegation of examination authority under the Bank Secrecy Act. The Bank Secrecy Act's aim is to deter and detect money laundering, terrorist financing, and other financial crimes by requiring financial institutions to keep records and report suspicious activity. Examinations of these financial institutions are delegated to and performed by financial regulatory agencies.

The briefing must include how frequently agencies are able to examine entities under their authority, the resources available to agencies to perform their responsibilities, and whether examiners have sufficient training and support.

Bill 117 hr 6328, also known as the FinCEN Exam Delegation Study, is a piece of legislation currently being considered by the US Congress. The bill aims to conduct a study on the delegation of examination authority by the Financial Crimes Enforcement Network (FinCEN) to certain financial institutions.

The study would assess the effectiveness of FinCEN's delegation of examination authority, including the impact on the ability of financial institutions to comply with anti-money laundering and counter-terrorism financing regulations. It would also evaluate the resources and expertise of financial institutions in conducting these examinations.

Additionally, the bill would require the Comptroller General of the United States to submit a report to Congress detailing the findings of the study and any recommendations for improving the delegation of examination authority by FinCEN. Overall, the FinCEN Exam Delegation Study bill seeks to provide Congress with valuable information on the effectiveness of FinCEN's delegation of examination authority and potential areas for improvement in combating financial crimes.