Sec. 201 Reporting and oversight of Bank Secrecy Act-related enforcement actions
“5327. Oversight of examination and enforcement activities
“(a) Reporting of enforcement activities to FinCEN—Each appropriate Federal banking agency, the Securities and Exchange Commission, and the Commodity Futures Trading Commission shall report to FinCEN on each formal and informal enforcement or supervisory action, including each matter requiring attention, and each matter requiring immediate attention, related to a violation of this subchapter or anti-money laundering deficiency, taken by such agency to enforce the requirements of this subchapter, including, for each such action—
“(1) the type of violation or deficiency with respect to which the enforcement or supervisory action was taken; and
“(2) the specific type of formal or informal enforcement or supervisory action taken.
“(b) Review of reports by FinCEN
“(1) In general—FinCEN shall review all reports submitted by agencies under subsection (a) to identify systemic or repeated instances of non-compliance and, if FinCEN determines that an agency has failed to adequately or appropriately carry out the agency’s enforcement responsibilities with respect to the requirements of this subchapter, FinCEN shall issue a report to such agency containing an explanation of FinCEN’s determination.
“(2) Report to the Congress—FinCEN shall issue an annual report to the Congress containing—
“(A) a summary of all formal and informal enforcement or supervisory actions for which FinCEN received notification from the agencies under subsection (a), but without any privileged or confidential information contained in such report, as identified by the agency submitting the report; and
“(B) any recommendations made by FinCEN to such agencies in response to a determination by FinCEN that the agency failed to adequately or appropriately carry out the agency’s enforcement or supervisory responsibility or failed to take adequate or appropriate corrective action in response to any individual violation or pattern of violations.
“(c) Inspector General review of procedures—The Inspector General of each appropriate Federal banking agency shall—
“(1) carry out at least one review each year of the agency’s examination and enforcement activities with respect to ensuring compliance with the requirements of this subchapter and ensuring adequate resources are being devoted to such enforcement; and
“(2) make such reviews available to the public, including on the website of the Inspector General.
“(d) Definitions—For purposes of this section:
“(1) FinCEN—The term FinCEN means the Financial Crimes Enforcement Network.
“(2) Other terms—The terms appropriate Federal banking agency and insured depository institution have the meaning given those terms, respectively, under section 3 of the Federal Deposit Insurance Act (12 U.S.C.1813).”
“(d) Confidentiality of information submitted to FinCEN—The submission by any appropriate Federal banking agency (as such term is defined under section 3 of the Federal Deposit Insurance Act) of any information to FinCEN for any purpose in the course of any supervisory or regulatory process of such agency shall not be construed as waiving, destroying, or otherwise affecting any privilege, including confidentiality of supervisory information, that any agency or person may claim with respect to such information under Federal or State law.”