FinCEN Oversight and Accountability Act of 2023

HR 5472, the FinCEN Oversight and Accountability Act of 2023, requires the Treasury Secretary to share key FinCEN policies and documents with Congress and the public, including all "controlling documents" (like directives, regulations, and policies) governing FinCEN’s enforcement of anti-money laundering rules under the Bank Secrecy Act. It also extends the requirement for the FinCEN Director to testify before Congress from every 5 years to every 10 years. Additionally, the bill mandates an annual small business working group to discuss beneficial ownership reporting effectiveness and provide guidance to small businesses, though it specifies no new funding is provided for this group. This bill directly affects FinCEN operations, congressional oversight, and small businesses subject to beneficial ownership reporting requirements.