FinCEN Oversight and Accountability Act of 2025
The FinCEN Oversight and Accountability Act of 2025 would tighten congressional oversight and public transparency of the Financial Crimes Enforcement Network (FinCEN), a Treasury Department bureau focused on money laundering and related financial crime issues. The bill would require the Treasury Secretary to keep key congressional committees informed about FinCEN activities, promptly report unlawful activity and corrective actions, and publicly disclose “controlling documents” that authorize FinCEN or its director to implement the Bank Secrecy Act. It also adds a new annual Small Business Working Group to discuss beneficial ownership information (BOI) and to help small businesses understand and comply with BOI obligations. The measure does not authorize new funding for these changes, relying instead on existing appropriations.
Key Points
- 1Congressional information duties: The Secretary of the Treasury must keep the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs fully informed about FinCEN activities, including any significant anticipated activity, and promptly report unlawful activity and corrective action plans to these committees.
- 2Transparency of controlling documents: The bill defines “controlling documents” and requires the Treasury to provide these documents (as they exist at enactment and as they change) to the specified committees, and to make them publicly available to the extent allowed by law (FOIA exemptions may apply).
- 3Public disclosure of changes: In addition to initial documents, amendments or revocations to controlling documents must be disclosed to Congress and, to the extent possible, released publicly.
- 4Expanded testimony provision: The statute governing when the Director of FinCEN must provide testimony is amended, increasing the time horizon from 5 years to 10 years.
- 5Small Business Working Group: The bill adds a new annual small business working group to share information on the effectiveness of BOI, coordinate FinCEN with the small business community, and provide guidance to small businesses about BOI reporting obligations. No new funds are authorized to carry out these amendments.