HR147-119

1. Short title; table of contents This Act may be cited as the FinCEN Oversight and Accountability Act of 2025. The table of contents for this Act is as follows:

101. Information for constitutional functions of Congress The Secretary of the Treasury shall keep the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate fully and currently informed of the activities of the Financial Crimes Enforcement Network, including any significant anticipated activity of such Network. The Secretary of the Treasury shall report promptly to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate any unlawful activity of the Financial Crimes Enforcement Network and any corrective action taken or planned to address that activity and prevent such activity in the future.

201. Transparency with controlling documents As used in this section, the term controlling document refers to any record (as defined in section 3301 of title 44, United States Code) issued by or under the authority of the Secretary, Deputy Secretary, Under Secretary for Enforcement, or any other officer or employee of the Department of the Treasury, that delegates authority to the Financial Crimes Enforcement Network or its Director in the implementation of section 310 of title 31, United States Code, or the Bank Secrecy Act. The Secretary of the Treasury shall promptly provide to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate— controlling documents in force as of the date of the enactment of this Act; any controlling documents issued thereafter; and any changes to controlling documents described in paragraphs (1) and (2) made thereafter, including any revocations thereof. The Secretary of the Treasury shall make available promptly to the public the controlling documents and changes that the Secretary is required to provide to the committees listed in subsection (b), excluding such reasonably segregable portions of controlling documents or changes as would fall within an exemption in section 552(b) of title 5, United States Code. In this section, the term Bank Secrecy Act means— section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b); chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and subchapter II of chapter 53 of title 31, United States Code.

202. Testimony by the Director of FinCEN Section 5336(c)(11)(A) of title 31, United States Code, is amended by striking 5 years and inserting 10 years.

301. Small Business Working Groups Section 310(g)(5)(A) of title 31, United States Code, is amended— in clause (vi) by striking and at the end; in clause (vii) by striking the period at the end and inserting ; and; and by inserting the following at the end: each year, hold a small business working group to— share information about the effectiveness of beneficial ownership information; promote coordination between FinCEN and the small business community; and provide guidance to small businesses about beneficial ownership reporting obligations. No amounts may be appropriated to carry out the amendments made by subsection (a). (viii)each year, hold a small business working group to—(I)share information about the effectiveness of beneficial ownership information;(II)promote coordination between FinCEN and the small business community; and(III)provide guidance to small businesses about beneficial ownership reporting obligations..