Bank Privacy Reform Act
- Last Action
- 2/27/2023
Actions
- 2023-02-27Referred to the House Committee on Financial Services.
- 2023-02-27Introduced in House
- 2023-02-27Introduced in House
CRS Summary
As of 2023-02-27 (00)
Bank Privacy Reform Act
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant.
The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
Cosponsors (3)
- PETE SESSIONS (R-TX)
- Andrew Ogles (R-TN)
- W. Steube (R-FL)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.