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FinCEN Modernization: New Technologies to Combat Financial Crime

This act aims to modernize how the Financial Crimes Enforcement Network (FinCEN) uses technology to detect illicit activities like money laundering. FinCEN will be able to better monitor new forms of finance, including cryptocurrencies, which is intended to increase citizens' financial security and protect them from fraud.
Key points
FinCEN will use modern technologies, such as artificial intelligence, to detect financial crimes.
The agency will gain new capabilities for acquiring technology and collaborating with other entities, including private companies.
Oversight of cryptocurrencies and other emerging financial technologies will be strengthened to prevent their use for illicit purposes.
FinCEN will regularly report on its modernization activities and expenditures.
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Expired
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Additional Information
Print number: 118_HR_370
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2023-01-17
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FinCEN Modernization Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_370.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-17.

What are the main provisions?

Key points include:

  • FinCEN will use modern technologies, such as artificial intelligence, to detect financial crimes.
  • The agency will gain new capabilities for acquiring technology and collaborating with other entities, including private companies.
  • Oversight of cryptocurrencies and other emerging financial technologies will be strengthened to prevent their use for illicit purposes.
  • FinCEN will regularly report on its modernization activities and expenditures.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Donalds, Byron [R-FL-19].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Security Economy Informatization