H.R. 147
FinCEN Oversight and Accountability Act of 2025
In Plain Language
This bill requires the Treasury Department to keep Congress regularly informed about what the Financial Crimes Enforcement Network is doing, especially regarding illegal activity and how it's being fixed. Treasury must also release most of the internal documents that give FinCEN its directions and authority to both Congress and the public. The bill extends for five more years how long Treasury officials have to testify to Congress about FinCEN's efforts to stop money laundering, and requires FinCEN to hold yearly meetings with small businesses to explain beneficial ownership reporting rules.
Official Congressional Research Service summary
FinCEN Oversight and Accountability Act of 2025This bill requires the Department of the Treasury to keep specified congressional committees informed of the activity of the Financial Crimes Enforcement Network (FinCEN), particularly regarding unlawful activity and any resulting corrective action.Further, Treasury must disclose to Congress and to the public (with some exclusions) all controlling documents delegating authority to or providing direction to FinCEN. Such disclosure includes any controlling documents in force upon enactment, any controlling documents issued thereafter, and any changes to controlling documents.The bill extends for an additional five years the time period during which Treasury must testify before Congress regarding FinCEN’s anti-money laundering programs.FinCEN must also hold an annual small business working group to provide guidance on beneficial ownership reporting obligations.
Sponsor
Cosponsors
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Latest action
Referred to the House Committee on Financial Services.
Jan 3, 2025
Official source
Action history
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