I 
118TH CONGRESS 
1ST SESSION H. R. 5472 
To make improvements to the Financial Crimes Enforcement Network, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 14, 2023 
Mr. DAVIDSON introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To make improvements to the Financial Crimes Enforcement 
Network, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘FinCEN Oversight and Accountability Act of 2023’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
TITLE I—CONGRESSIONAL OVERSIGHT 
Sec. 101. Information for constitutional functions of Congress. 
TITLE II—FINCEN ACCOUNTABILITY 
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Sec. 201. Transparency with controlling documents. 
Sec. 202. Testimony by the Director of FinCEN. 
TITLE III—SMALL BUSINESS WORKING GROUP 
Sec. 301. Small Business Working Groups. 
TITLE I—CONGRESSIONAL 
OVERSIGHT 
SEC. 101. INFORMATION FOR CONSTITUTIONAL FUNCTIONS 
OF CONGRESS. 
(a) KEEPING CONGRESS INFORMED.—The Secretary 
of the Treasury shall keep the Committee on Financial 
Services of the House of Representatives and the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate fully and currently informed of the activities of the 
Financial Crimes Enforcement Network, including any 
significant anticipated activity of such Network. 
(b) REPORT OF UNLAWFUL ACTIVITY AND CORREC-
TIVE ACTION.—The Secretary of the Treasury shall report 
promptly to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs any unlawful activity of the 
Financial Crimes Enforcement Network and any correc-
tive action taken or planned to address that activity and 
prevent such activity in the future. 
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TITLE II—FINCEN 
ACCOUNTABILITY 
SEC. 201. TRANSPARENCY WITH CONTROLLING DOCU-
MENTS. 
(a) DEFINITION OF CONTROLLING DOCUMENT.—As 
used in this section, the term ‘‘controlling document’’ re-
fers to any record (as defined in section 3301 of title 44, 
United States Code) issued by or under the authority of 
the Secretary, Deputy Secretary, Under Secretary for En-
forcement, or any other officer or employee of the Depart-
ment of the Treasury, that delegates authority to the Fi-
nancial Crimes Enforcement Network or its Director, or 
contains direction binding upon the Financial Crimes En-
forcement Network or its Director, in the implementation 
of section 310 of title 31, United States Code, or the Bank 
Secrecy Act, including delegations, prescriptions, regula-
tions, protocols, priorities, policies, standards, guidelines, 
and requirements issued in accordance with subsections 
(b)(2)(C), (b)(2)(E), (b)(2)(I), (b)(2)(J), (b)(2)(O), (c), 
and (i)(2)(C)(ii) of section 310 of such title 31 and sub-
sections (b)(1), (b)(2), (b)(4), (c)(2)(A), (c)(2)(C), (c)(3), 
(c)(5), (d)(3), and (h)(3)(C)(i)(I)(bb) of section 5336 of 
such title 31. 
(b) DISCLOSURE TO CONGRESS.—The Secretary of 
the Treasury shall promptly provide to the Committee on 
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Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs 
of the Senate— 
(1) controlling documents in force as of the en-
actment of this Act; 
(2) any controlling documents issued thereafter; 
and 
(3) any changes to controlling documents de-
scribed in paragraphs (1) and (2) made thereafter, 
including any revocations thereof. 
(c) DISCLOSURE TO THE PUBLIC.—The Secretary of 
the Treasury shall make available promptly to the public 
the controlling documents and changes that the Secretary 
is required to provide to the committees listed in sub-
section (b), excluding such reasonably segregable portions 
of controlling documents or changes as would fall within 
an exemption in section 552(b) of title 5, United States 
Code. 
(d) BANK SECRECY ACT DEFINED.—In this section, 
the term ‘‘Bank Secrecy Act’’ means— 
(1) section 21 of the Federal Deposit Insurance 
Act (12 U.S.C. 1829b); 
(2) chapter 2 of title I of Public Law 91–508 
(12 U.S.C. 1951 et seq.); and 
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(3) subchapter II of chapter 53 of title 31, 
United States Code. 
SEC. 202. TESTIMONY BY THE DIRECTOR OF FINCEN. 
Section 5336(c)(11)(A) of title 31, United States 
Code, is amended by striking ‘‘5 years’’ and inserting ‘‘10 
years’’. 
TITLE III—SMALL BUSINESS 
WORKING GROUP 
SEC. 301. SMALL BUSINESS WORKING GROUPS. 
(a) IN GENERAL.—Section 310(g)(5)(A) of title 31, 
United States Code, is amended— 
(1) in clause (vi) by striking ‘‘and’’ at the end; 
(2) in clause (vii) by striking the period at the 
end and inserting ‘‘; and’’; and 
(3) by inserting the following at the end: 
‘‘(viii) each year, hold a small busi-
ness working group to— 
‘‘(I) share information about the 
effectiveness of beneficial ownership 
information; and 
‘‘(II) promote coordination be-
tween FinCEN and the small business 
community; and 
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‘‘(III) provide guidance to small 
businesses about beneficial ownership 
reporting obligations.’’. 
(b) APPROPRIATIONS.—No amounts may be appro-
priated to carry out the amendments made by subsection 
(a). 
Æ 
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