Financial Crimes Enforcement Network Exchange Improvement Act

Bill: 117-hr-5320
Sponsor: full_name: Rep. Torres, Ritchie [D-NY-15]
Introduced: 2021-09-21
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-09-21
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-09-21
action_desc: Introduced in House
text: <p><strong>Financial Crimes Enforcement Network Exchange Improvement Act </strong></p> <p>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.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5320 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.

1. Short title This Act may be cited as the Financial Crimes Enforcement Network Exchange Improvement Act . 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. .