This bill requires the Financial Crimes Enforcement Network (FinCEN) to work with banks and financial institutions to gather information about how domestic terrorists and violent extremists buy firearms and gun accessories in the United States. Within one year of the law's passage, FinCEN must request this information from financial institutions and use it to create an advisory that helps identify and report suspicious financial activity related to gun purchases. The bill specifies that FinCEN must consult with the FBI, the Bureau of Alcohol, Tobacco, Firearms and Explosives, and gun sellers before making its requests, and must tailor requests based on the size of each financial institution. Within 540 days of enactment, FinCEN must either issue the advisory if it has enough information or report to Congress explaining what information it collected, why it was insufficient, and what barriers it faced in obtaining the needed data. The bill also requires FinCEN to define key terms like "firearm accessory," "homegrown violent extremist," and "lone wolf" within 90 days.
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