FinCEN Modernization Act of 2023
HR 370, the FinCEN Modernization Act of 2023, gives the Financial Crimes Enforcement Network (FinCEN) new authorities to modernize its technology and information-sharing capabilities. The bill requires FinCEN to establish programs focused on emerging technologies like machine learning, cryptocurrency monitoring, and data analytics to better detect financial crimes. To achieve this, FinCEN can now use non-traditional contracts with tech developers and accept donations for specific projects, while reporting all such activities annually to Congress. This directly affects FinCEN’s operations, enabling it to adapt more quickly to evolving threats in financial systems.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2023
Committee Review
Floor Vote
President
Introduced Jan 17, 2023
Last action Jan 17, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jan 17, 2023
Committee
Referred to the House Committee on Financial Services.
lower
Jan 17, 2023
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Byron Donalds
RRepublican
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