SEC. 2. MODERNIZING THE RESEARCH, DEVELOPMENT, IN-
FORMATION 
SHARING, 
AND 
ACQUISITION 
PROCESS AUTHORITIES OF THE FINANCIAL 
CRIMES ENFORCEMENT NETWORK (FINCEN). 
Section 310 of title 31, United States Code, is 
amended by adding at the end the following: 
‘‘(m) MODERNIZING
THE
RESEARCH, DEVELOP-
MENT, INFORMATION SHARING, AND ACQUISITION PROC-
ESS.— 
‘‘(1) IN
GENERAL.—FinCEN shall establish 
and maintain research, development, and informa-
tion sharing programs that further the purposes and 
objectives of the laws administered by FinCEN, in-
cluding programs that— 
‘‘(A) inform FinCEN of important techno-
logical advances and innovations like machine 
learning and data analytics that help safeguard 
financial systems and detect illicit activity; 
‘‘(B) facilitate an environment where these 
technological advances and innovations may be 
explored by developers and FinCEN to evaluate 
potential benefits for the financial industry; 
‘‘(C) identify areas where FinCEN should 
adapt to facilitate these technological advances 
and innovations, and encourage the develop-
ment of novel tools that are currently not avail-
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able for use by FinCEN that would benefit fi-
nancial systems monitored by FinCEN; 
‘‘(D) ensure that FinCEN has the nec-
essary technology to monitor cryptocurrencies 
and other emerging financial technologies for 
their potential use in money laundering and 
cyber and data security breaches; and 
‘‘(E) facilitate FinCEN’s ability to ex-
change and use information between other of-
fices and bureaus of the Department of the 
Treasury, as well as other departments within 
the Federal Government. 
‘‘(2) AUTHORIZED
MEANS.—Notwithstanding 
any other provision of law, FinCEN may do the fol-
lowing to accomplish the requirements described in 
paragraph (1): 
‘‘(A) OTHER TRANSACTION AUTHORITY.— 
FinCEN may enter into and perform trans-
actions (other than a standard contract) with 
any agency or instrumentality of the United 
States, or with any State, territory, or posses-
sion of the United States, or with any political 
subdivision thereof, or with any person, firm, 
association, corporation, educational institution, 
self-regulatory organization, foreign govern-
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ment, international organization, or other enti-
ty, on such terms and conditions as the Direc-
tor of FinCEN determines appropriate if— 
‘‘(i) the transaction is used only for 
the requirements described in paragraph 
(1); 
‘‘(ii) FinCEN endeavors to use a com-
petitive process, where appropriate, when 
determining the parties to the transaction; 
and 
‘‘(iii) the Director makes a written de-
termination that using a standard contract 
to do so is either not feasible or not appro-
priate. 
‘‘(B) GIFT
ACCEPTANCE
AUTHORITY.— 
During the 5-year period that begins with the 
date of enactment of this subsection, FinCEN 
may solicit, accept, and utilize any contribution, 
provision of access, gift, or donation of tangible 
or intangible property or service that the Direc-
tor determines appropriate, from any agency or 
instrumentality of the United States, or any 
State, territory, or possession of the United 
State, or any political subdivision thereof, or 
any person, firm, association, corporation, edu-
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cational institution, self-regulatory organization, 
or other entity, if— 
‘‘(i) the property or service is used 
only for the requirements described in 
paragraph (1); and 
‘‘(ii) the Director makes a written de-
termination that accepting the contribu-
tion, provision of access, gift, or donation 
is consistent with fulfilling such require-
ments, and that using the standard con-
tract or other transaction to do so is nei-
ther feasible or appropriate. 
‘‘(3) ANNUAL REPORT.—Not later than 60 days 
after the end of each fiscal year, FinCEN shall sub-
mit to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives 
a report on all transactions entered into, and all 
contributions, provisions of access, gifts, or dona-
tions accepted under paragraph (2), including— 
‘‘(A) a brief description of the rationale for 
and purpose of each transaction, contribution, 
provision of access, gift, or donation, with an 
explanation of its potential utility to FinCEN, 
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as well as the current status of all related 
projects; 
‘‘(B) FinCEN’s justification for why it was 
not feasible or appropriate to use the standard 
contract with respect to that subject; 
‘‘(C) in the case of a transaction other 
than a contribution, provision of access, gift, or 
donation, an explanation of FinCEN’s efforts to 
use a competitive process, or the reason why 
such a process was not appropriate; and 
‘‘(D) a description of all sums expended by 
FinCEN in connection with a transaction and, 
if readily available, the value of any contribu-
tion, provision of access, gift, or donation.’’. 
Æ 
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