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FinCEN Modernization Act of 2023

12/15/2023, 3:53 PM

Summary of Bill HR 370

The FinCEN Modernization Act of 2023, also known as Bill 118 hr 370, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to modernize and strengthen the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the US Department of the Treasury responsible for combating money laundering and other financial crimes.

The bill aims to enhance FinCEN's ability to detect and prevent financial crimes by improving its technology and data analysis capabilities. It also seeks to streamline and simplify reporting requirements for financial institutions, making it easier for them to comply with anti-money laundering regulations.

Additionally, the FinCEN Modernization Act of 2023 includes provisions to increase transparency and accountability within FinCEN, such as requiring the bureau to report regularly to Congress on its activities and effectiveness in combating financial crimes. Overall, this bill is designed to modernize and strengthen FinCEN's ability to combat money laundering and other financial crimes, while also increasing transparency and accountability within the bureau. It is currently being debated in Congress and may undergo further revisions before being voted on.

Congressional Summary of HR 370

FinCEN Modernization Act of 2023

This bill requires the Financial Crimes Enforcement Network (FinCEN) to establish programs and perform research related to financial technology on topics such as machine learning, data analytics, and cryptocurrency. The bill allows FinCEN to enter into transactions and to accept gifts related to these objectives.

Read the Full Bill

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Current Status of Bill HR 370

Bill HR 370 is currently in the status of Bill Introduced since January 17, 2023. Bill HR 370 was introduced during Congress 118 and was introduced to the House on January 17, 2023.  Bill HR 370's most recent activity was Referred to the House Committee on Financial Services. as of January 17, 2023

Bipartisan Support of Bill HR 370

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 370

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Administrative remedies
- Advanced technology and technological innovations
- Computer security and identity theft
- Computers and information technology
- Congressional oversight
- Department of the Treasury
- Fraud offenses and financial crimes
- Public contracts and procurement
- Public-private cooperation
- Research and development
- Technology assessment

Alternate Title(s) of Bill HR 370

FinCEN Modernization Act of 2023
FinCEN Modernization Act of 2023
To amend title 31, United States Code, to modernize the research, development, information sharing, and acquisition process of the Financial Crimes Enforcement Network, and for other purposes.

Comments

Sponsors and Cosponsors of HR 370

Byron Donalds
Byron Donalds
FloridaRepublican

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