Financial Privacy Act of 2025

Hozzl · 2025-04-07T12:51:49Z

Explore the details of House Bill 1602 Financial Privacy Act of 2025 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

4/7/2025, 12:51 PM

Summary of Bill HR 1602

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.

Congressional Summary of HR 1602

Financial Privacy Act of 2025

This bill requires the Department of the Treasury to annually report to Congress details of reports made to the Financial Crimes Enforcement Network (FinCEN). FinCEN collects reports on suspicious financial transactions and the beneficial ownership of companies in order to detect financial crimes, including money laundering.

Under the bill, FinCEN must report on the number and types of reports and whether they are retained by FinCEN, any guidance regarding outside agency access to these reports, agency requests for these reports, and any denials of access to these reports.

Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.

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Current Status of Bill HR 1602

Bill HR 1602 is currently in the status of Bill Introduced since February 26, 2025. Bill HR 1602 was introduced during Congress 119 and was introduced to the House on February 26, 2025. Bill HR 1602's most recent activity was Placed on the Union Calendar, Calendar No. 14. as of March 21, 2025

Bipartisan Support of Bill HR 1602

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1602

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 1602

To require the Secretary of the Treasury to provide for greater transparency and protections with regard to Bank Secrecy Act reports, and for other purposes.