law enforcement or intelligence purposes, even as it 
encompasses highly sensitive details on the everyday 
lives of Americans. 
(4) By law, the Secretary of the Treasury must 
ensure the security and confidentiality of BSA data. 
In a Notice of Proposed Rulemaking from December 
2022, FinCEN acknowledged that ‘‘BOI is highly sen-
sitive information. FinCEN therefore views it as crit-
ical to mitigate the risk of unauthorized disclosure of 
BOI as much as possible.’’. 
SEC. 3. REPORTS TO CONGRESS; REVIEW OF PROTOCOLS 
FOR AGENCY ACCESS TO REPORTS. 
(a) IN GENERAL.—Chapter 53 of title 31, United 
States Code, is amended— 
(1) in subchapter II, by inserting after section 
5326 the following: 
‘‘§ 5327. Reports to Congress; Review of protocols for 
agency access to reports 
‘‘(a) REPORTS TO CONGRESS.—Not later than 180 
days following the date of the enactment of this section, and 
annually thereafter, the Secretary of the Treasury shall sub-
mit to the Committee on Financial Services of the House 
of Representatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate a report containing 
the following: 
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‘‘(1) The number of reports, by type, filed each 
year with the Financial Crimes Enforcement Network 
(‘FinCEN’) under this subchapter since January 1, 
2022. 
‘‘(2) The total number of reports filed under this 
subchapter retained by FinCEN. 
‘‘(3) A description of any written protocols or 
guidance from the Secretary to national security, law 
enforcement, or intelligence agencies regarding agency 
access to, and retention or dissemination of, informa-
tion held by FinCEN from reports filed under this 
subchapter, including— 
‘‘(A) a description of any updates to the 
protocols or guidance during the reporting pe-
riod; 
‘‘(B) the number of queries by such agencies 
to access the information during the reporting 
period; and 
‘‘(C) any denials of requests for, or revoca-
tions of, access by a national security, law en-
forcement, or intelligence agency, or by any em-
ployee thereof, with a description of the reasons 
for the denial or revocation, as the case may be. 
‘‘(b) REVIEW AND REVISION OF PROTOCOLS.—In con-
sultation with the Director of National Intelligence and the 
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Attorney General, the Secretary of the Treasury shall annu-
ally review and, as appropriate, revise any written proto-
cols or guidance described under subsection (a) for the pur-
poses of— 
‘‘(1) better tailoring the collection, retention, and 
dissemination of information filed under this sub-
chapter to authorized national security, law enforce-
ment, or intelligence objectives; 
‘‘(2) enforcing prohibitions against unauthorized 
disclosure of such information; and 
‘‘(3) protecting fully the legal rights of all United 
States persons, including freedoms, civil liberties, and 
privacy rights guaranteed by Federal law. 
‘‘(c) 
CONGRESSIONAL
REQUESTS; 
NOTICE
OF 
CHANGES.— 
‘‘(1) REQUESTS FOR INFORMATION.—Upon re-
quest of the chair or ranking member of the Com-
mittee on Financial Services of the House of Rep-
resentatives or the Committee on Banking, Housing, 
and Urban Affairs of the Senate, the Secretary shall 
provide a copy of any written protocols or guidance 
described in subsection (a)(3). 
‘‘(2) NOTICE OF REVISIONS.—Not later than 30 
days after revising any written protocols or guidance 
described in subsection (a)(3), the Secretary shall pro-
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vide a copy of such revised written protocols or guid-
ance to the Committee on Financial Services of the 
House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate.’’; 
and 
(2) in the table of contents for such chapter, by 
inserting after the item relating to section 5326 the 
following: 
‘‘5327. Reports to Congress; Review of protocols for agency access to reports.’’. 
(b) SUNSET.—On the date that is the end of the 7- 
year period beginning on the date of enactment of this 
Act— 
(1) section 5327 of title 31, United States Code, 
is repealed; and 
(2) the table of contents for chapter 53 of title 31, 
United States Code, is amended by striking the item 
relating to section 5327. 
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Union Calendar No. 14 
119TH CONGRESS 
1ST SESSION 
H. R. 1602 
[Report No. 119–24] 
A BILL 
To require the Secretary of the Treasury to provide 
for greater transparency and protections with re-
gard to Bank Secrecy Act reports, and for other 
purposes. 
MARCH 21, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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