Increased FinCEN Transparency: Oversight of Financial Crime Combatting
This act increases Congressional oversight of FinCEN, the agency combating financial crime. Citizens will gain access to documents outlining the agency's operating principles, ensuring greater transparency and control over its decisions. The changes aim to provide a better understanding of how FinCEN impacts banking and financial regulations.
Key points
Increased Transparency: Key FinCEN documents, outlining its operating principles, will be publicly available, allowing citizens to better understand how the agency operates.
Congressional Oversight: Congress will gain broader access to FinCEN's internal documents, enabling more effective control over its activities.
Limited Authority: Only the Secretary of the Treasury will be able to make certain key decisions regarding FinCEN regulations, aiming to prevent abuses.
Extended Reporting Period: The FinCEN Director will be required to report on the agency's activities for a longer period, increasing accountability.
Expired
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