I 
118TH CONGRESS 
1ST SESSION 
H. R. 370 
To amend title 31, United States Code, to modernize the research, develop-
ment, information sharing, and acquisition process of the Financial 
Crimes Enforcement Network, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 17, 2023 
Mr. DONALDS introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend title 31, United States Code, to modernize the 
research, development, information sharing, and acquisi-
tion process of the Financial Crimes Enforcement Net-
work, 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. 
This Act may be cited as the ‘‘FinCEN Moderniza-
tion Act of 2023’’. 
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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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