Gun Violence Prevention: Financial Intelligence on Domestic Terrorism Procurement.
This Act mandates the Financial Crimes Enforcement Network (FinCEN) to gather information from financial institutions. The goal is to understand how domestic terrorists and lone actors procure firearms and accessories. This process aims to result in an advisory for banks to better identify suspicious transactions, ultimately enhancing public safety by disrupting the financing of gun violence.
Key points
Increased scrutiny of financial transactions: FinCEN will collect data from banks to identify patterns in firearm purchases by individuals planning acts of terror.
New requirements for financial institutions: Banks must provide information on suspicious transactions related to the purchase of firearms and accessories.
Objective: Enhance public safety by hindering domestic terrorists' access to firearms through the tracking of money flows.
Status:
Expired
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