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Financial Crimes Enforcement Network Improvements Act
12/29/2022, 11:18 PM
Summary of Bill HR 7623
The bill includes provisions to strengthen FinCEN's ability to detect and prevent financial crimes by improving its data collection and analysis capabilities. It also seeks to enhance coordination between FinCEN and other law enforcement agencies, as well as with financial institutions, to better identify and investigate suspicious financial activities.
Additionally, the bill includes measures to increase transparency and accountability within FinCEN, such as requiring regular reporting to Congress on its activities and initiatives. It also aims to streamline and modernize FinCEN's operations to ensure it remains effective in combating evolving financial crime threats. Overall, the Financial Crimes Enforcement Network Improvements Act is designed to bolster FinCEN's ability to combat financial crimes and protect the integrity of the US financial system.
Congressional Summary of HR 7623
Financial Crimes Enforcement Network Improvements Act
This bill makes several organizational changes to the Financial Crimes Enforcement Network (FinCEN).
First, the director of FinCEN must be appointed by the President with the advice and consent of the Senate. (Currently, the director is appointed by the Secretary of the Treasury.)
The bill also establishes an Office of Audit and Investigations within FinCEN. The office must prioritize audits and investigations that protect the civil liberties and privacy of citizens. The bill also provides for a Civil Liberties Protection Officer to oversee compliance with all guidelines relating to civil liberties and privacy.
Further, the bill imposes additional requirements on the rulemaking process for FinCEN, including by limiting the delegation authorities of the Secretary of the Treasury to make findings and exercise authority to certify, delay, or waive certain rulemaking activities. FinCEN is also required to conduct additional outreach to small businesses prior to a rulemaking.
Finally, FinCEN must disclose certain controlling documents regarding the implementation of specified laws and must report to Congress any unlawful FinCEN activity and corrective action taken.
