The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give the public and Congress more information about how FinCEN collects and uses this data to detect financial crimes.
Latest Action
Placed on the Union Calendar, Calendar No. 256.
AI Summary
Plain-English explanation of this bill
The Financial Privacy Act of 2023 would require the Department of the Treasury to provide more transparency around reports made to the Financial Crimes Enforcement Network (FinCEN) about suspicious financial transactions and company ownership. This would give the public and Congress more information about how FinCEN collects and uses this data to detect financial crimes.
Last updated: 12/29/2025
Official Summary
Congressional Research Service summary
<p><strong>Financial Privacy Act of 2023</strong></p><p>This bill requires the Department of the Treasury to annually report to Congress details of reports made to the Financial Crimes Enforcement Network (FinCEN). FinCEN collects reports on suspicious financial transactions and the beneficial ownership of companies in order to detect financial crimes, including money laundering.</p><p>Under the bill, FinCEN must report on the number and types of reports and whether they are retained by FinCEN, any guidance regarding outside agency access to these reports, agency requests for these reports, and any denials of access. </p><p>Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.</p>
Key Points
Main provisions of the bill
The bill would require annual reporting to Congress on the number and types of reports made to FinCEN, whether they are retained, and how other agencies access this information.
The Treasury Department would have to review and revise guidance on accessing FinCEN reports to better protect the legal rights of U.S. persons.
This would increase public oversight and accountability around FinCEN's efforts to combat financial crimes like money laundering.
How This Impacts Americans
Potential effects on citizens and communities
If passed, this bill would impact the general public by providing more transparency around the government's financial crime detection efforts. It could also affect businesses and individuals who submit reports to FinCEN, as the new reporting requirements may change how their information is handled. Overall, the bill aims to balance national security needs with civil liberties protections.
Policy Areas
Primary Policy Area
Finance and Financial Sector
Related Subjects
Congressional oversight
Corporate finance and management
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Right of privacy
Scope & Jurisdiction
Jurisdiction Level
federal
Congressional Session
119th Congress
Citation Reference
5485, 119th Congress (2025). "Second Chance at Life Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-5485