FinCEN Exam Delegation Study
This bill requires the Department of the Treasury to brief specified congressional committees on Treasury's delegation of examination authority under the Bank Secrecy Act. The Bank Secrecy Act's aim is to deter and detect money laundering, terrorist financing, and other financial crimes by requiring financial institutions to keep records and report suspicious activity. Examinations of these financial institutions are delegated to and performed by financial regulatory agencies.
The briefing must include how frequently agencies are able to examine entities under their authority, the resources available to agencies to perform their responsibilities, and whether examiners have sufficient training and support.
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