HR 1602
Financial Privacy Act of 2025
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Bill overview
The Financial Privacy Act of 2025 requires the Treasury Department to provide greater transparency regarding Bank Secrecy Act (BSA) reports. Specifically, it mandates that the Secretary of the Treasury submit annual reports to Congress detailing the volume and types of reports filed, how they are retained, and any access requests made by agencies. The report must also include information on any denials of access and a review of protocols for agency access to ensure they align with national security, law enforcement, and intelligence objectives while protecting individual privacy rights.
Key provisions
- Requires annual reports to Congress on BSA report volume and types.
- Details FinCEN’s retention practices for BSA reports.
- Outlines protocols for agency access to BSA reports, including query numbers and denials.
- Mandates a review and potential revision of agency access protocols by the Treasury Secretary.
- Requires consultation with the Director of National Intelligence and the Attorney General during protocol reviews.
- Establishes a process for Congress to request copies of access protocols.
- Requires notice to Congress of any changes to access protocols.
- Includes a sunset provision, ending the reporting requirements after 7 years.
Who is affected
- Department of the Treasury
- Financial Crimes Enforcement Network (FinCEN)
- National Security Agencies
- Law Enforcement Agencies
- Intelligence Agencies
Notable changes
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119th CONGRESS — 1st Session
H. R. 1602
IN THE HOUSE OF REPRESENTATIVES
A BILL
To require the Secretary of the Treasury to provide for greater transparency and protections with regard to Bank Secrecy Act reports, and for other purposes.
This Act may be cited as the Financial Privacy Act of 2025
.
The Congress finds the following:
BSA), the Secretary of the Treasury, acting through the Financial Crimes Enforcement Network (
FinCEN), collects millions of reports annually on the economic activity of ordinary Americans.
Since 2001, FinCEN has applied the BSA to collect over 322,000,000 Currency Transaction Reports and more than 36,000,000 Suspicious Activity Reports, as well as nearly 5,000,000 Form 8300 Reports. In addition, FinCEN expects to amass beneficial ownership information (BOI
) from 32,000,000 companies in its initial year of collection, plus 5,000,000 additional companies implicated each year thereafter.
The mass of reporting collected by FinCEN suggests that, while certain BSA reports might prove useful to combat illicit finance, the bulk of BSA-related data may possess little to no nexus to legitimate law enforcement or intelligence purposes, even as it encompasses highly sensitive details on the everyday lives of Americans.
By law, the Secretary of the Treasury must ensure the security and confidentiality of BSA data. In a Notice of Proposed Rulemaking from December 2022, FinCEN acknowledged that BOI is highly sensitive information. FinCEN therefore views it as critical to mitigate the risk of unauthorized disclosure of BOI as much as possible.
.
in subchapter II, by inserting after section 5326 the following:
FinCEN) under this subchapter since January 1, 2022.
The total number of reports filed under this subchapter retained by FinCEN.
A description of any written protocols or guidance from the Secretary to national security, law enforcement, or intelligence agencies regarding agency access to, and retention or dissemination of, information held by FinCEN from reports filed under this subchapter, including—
a description of any updates to the protocols or guidance during the reporting period;
the number of queries by such agencies to access the information during the reporting period; and
any denials of requests for, or revocations of, access by a national security, law enforcement, or intelligence agency, or by any employee thereof, with a description of the reasons for the denial or revocation, as the case may be.
enforcing prohibitions against unauthorized disclosure of such information; and
protecting fully the legal rights of all United States persons, including freedoms, civil liberties, and privacy rights guaranteed by Federal law.
Upon request of the chair or ranking member of the Committee on Financial Services of the House of Representatives or the Committee on Banking, Housing, and Urban Affairs of the Senate, the Secretary shall provide a copy of any written protocols or guidance described in subsection (a)(3).
in the table of contents for such chapter, by inserting after the item relating to section 5326 the following:
On the date that is the end of the 7-year period beginning on the date of enactment of this Act—
section 5327 of title 31, United States Code, is repealed; and