Financial Privacy Act of 2025

Placed on the Union Calendar, Calendar No. 14.

Bill 119 hr 1602, also known as the "Bank Secrecy Act Modernization Act," aims to increase transparency and protections related to Bank Secrecy Act (BSA) reports. The BSA requires financial institutions to report certain transactions that may be indicative of money laundering or other illegal activities to the Treasury Department.

This bill specifically requires the Secretary of the Treasury to provide more transparency in the process of collecting and sharing BSA reports. It also includes provisions to enhance protections for individuals and businesses whose information is included in these reports.

The goal of this legislation is to improve the effectiveness of the BSA in combating financial crimes while also safeguarding the privacy and rights of individuals and businesses. By increasing transparency and implementing stronger protections, the bill seeks to strike a balance between national security concerns and individual liberties. Overall, the Bank Secrecy Act Modernization Act aims to modernize and strengthen the BSA reporting system to better protect against financial crimes while upholding the rights of individuals and businesses.