Title: Financial Crimes Enforcement Network Exchange Improvement Act
Policy area: Finance and Financial Sector

Summary:
Financial Crimes Enforcement Network Exchange Improvement Act
This bill allows relevant private sector entities to participate in the Financial Crimes Enforcement Network (FinCEN) Exchange, a voluntary information-sharing partnership between law enforcement agencies, national security agencies, financial institutions, and FinCEN to prevent money laundering, terrorism financing, organized crime, and other financial crimes.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5320 Introduced in House (IH)]

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117th CONGRESS
  1st Session
                                H. R. 5320

 To amend title 31, United States Code, to clarify that other relevant 
    private sector entities may participate in the FinCEN Exchange.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2021

    Mr. Torres of New York introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to clarify that other relevant 
    private sector entities may participate in the FinCEN Exchange.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Financial Crimes Enforcement Network 
Exchange Improvement Act''.

SEC. 2. FINCEN EXCHANGE.

    Section 310(d) of title 31, United States Code, is amended--
            (1) in paragraph (2), by inserting ``other relevant private 
        sector entities,'' after ``financial institutions,'';
            (2) in paragraph (3)(A)(i)(II), by inserting ``and other 
        relevant private sector entities'' after ``financial 
        institutions''; and
            (3) in paragraph (5)--
                    (A) in subparagraph (A), by inserting ``or other 
                relevant private sector entity'' after ``financial 
                institution''; and
                    (B) in subparagraph (B)--
                            (i) by striking ``Information'' and 
                        inserting the following:
                            ``(i) Use by financial institutions.--
                        Information''; and
                            (ii) by adding at the end the following:
                            ``(ii) Use by other relevant private sector 
                        entities.--Information received by a relevant 
                        private sector entity that is not a financial 
                        institution pursuant to this section shall not 
                        be used for any purpose other than assisting a 
                        financial institution in identifying and 
                        reporting on activities that may involve the 
                        financing of terrorism, money laundering, 
                        proliferation financing, or other financial 
                        crimes, or in assisting FinCEN or another 
                        agency of the U.S. Government in mitigating the 
                        risk of the financing of terrorism, money 
                        laundering, proliferation financing, or other 
                        criminal activities.''.
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