FinCEN Oversight and Accountability Act of 2025
1/30/2025, 10:53 AMFinCEN Oversight and Accountability Act of 2025
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 extends for an additional five years the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
The bill includes provisions to improve the efficiency and effectiveness of FinCEN by requiring the agency to establish a process for prioritizing and addressing high-risk areas, enhancing coordination with other federal agencies, and increasing transparency in its operations. Additionally, the bill seeks to strengthen FinCEN's ability to combat money laundering, terrorist financing, and other financial crimes by providing the agency with additional resources and tools.
Furthermore, the bill includes measures to enhance information sharing and collaboration between FinCEN and other law enforcement agencies, as well as provisions to improve the reporting and analysis of financial intelligence. The bill also includes provisions to enhance the protection of sensitive financial information and strengthen the penalties for individuals and entities that engage in financial crimes. Overall, Bill 119 HR 147 aims to strengthen FinCEN's ability to combat financial crimes and enhance the overall effectiveness of the agency in protecting the financial system from illicit activities.
Status of Legislation
Purpose and Summary
FinCEN Oversight and Accountability Act of 2025
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 extends for an additional five years the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
The bill includes provisions to improve the efficiency and effectiveness of FinCEN by requiring the agency to establish a process for prioritizing and addressing high-risk areas, enhancing coordination with other federal agencies, and increasing transparency in its operations. Additionally, the bill seeks to strengthen FinCEN's ability to combat money laundering, terrorist financing, and other financial crimes by providing the agency with additional resources and tools.
Furthermore, the bill includes measures to enhance information sharing and collaboration between FinCEN and other law enforcement agencies, as well as provisions to improve the reporting and analysis of financial intelligence. The bill also includes provisions to enhance the protection of sensitive financial information and strengthen the penalties for individuals and entities that engage in financial crimes. Overall, Bill 119 HR 147 aims to strengthen FinCEN's ability to combat financial crimes and enhance the overall effectiveness of the agency in protecting the financial system from illicit activities.
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FinCEN Oversight and Accountability Act of 2025
This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), part...
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 extends for an additional five years the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.