FinCEN Oversight and Accountability Act of 2023
- Last Action
- 12/13/2023
Actions
- 2023-12-13Placed on the Union Calendar, Calendar No. 254.
- 2023-12-13Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
- 2023-12-13Reported (Amended) by the Committee on Financial Services. H. Rept. 118-315.
- 2023-09-20Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 46 - 0.
- 2023-09-20Committee Consideration and Mark-up Session Held
- 2023-09-14Referred to the House Committee on Financial Services.
- 2023-09-14Introduced in House
- 2023-09-14Introduced in House
CRS Summary
As of 2023-12-13 (07)
FinCEN Oversight and Accountability Act of 2023
This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.
Further, Treasury must disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents. The bill also limits the authority of Treasury to make certain exceptions regarding proposed or final rules related to FinCEN to the person performing the duties of the Secretary.
The bill extends the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs for another five years.
FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
Subjects
- Congressional oversight
- Congressional-executive branch relations
- Fraud offenses and financial crimes
- Government ethics and transparency, public corruption
- Government information and archives
- Government studies and investigations
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.