Section 1 Short title
This Act may be cited as the “Financial Crimes Enforcement Network Exchange Improvement Act”.
Financial Crimes Enforcement Network Exchange Improvement Act
A BILL
To amend title 31, United States Code, to clarify that other relevant private sector entities may participate in the FinCEN Exchange.
Sec. 2 FinCEN Exchange
Section 310(d) of title 31, United States Code, is amended—
in paragraph (2), by inserting “other relevant private sector entities,” after “financial institutions,”;
in paragraph (3)(A)(i)(II), by inserting “and other relevant private sector entities” after “financial institutions”; and
in paragraph (5)—
in subparagraph (A), by inserting “or other relevant private sector entity” after “financial institution”; and
in subparagraph (B)—
by striking “Information” and inserting the following:
“(i) Use by financial institutions—Information”
by adding at the end the following:
“(ii) Use by other relevant private sector entities—Information received by a relevant private sector entity that is not a financial institution pursuant to this section shall not be used for any purpose other than assisting a financial institution in identifying and reporting on activities that may involve the financing of terrorism, money laundering, proliferation financing, or other financial crimes, or in assisting FinCEN or another agency of the U.S. Government in mitigating the risk of the financing of terrorism, money laundering, proliferation financing, or other criminal activities.”