Financial Privacy Act of 2023

HR 5485, the Financial Privacy Act of 2023, requires the Treasury Secretary to submit annual reports to Congress detailing how many financial reports FinCEN collects, how many are retained, and how law enforcement and intelligence agencies access that data. It mandates an annual review of protocols governing agency access to FinCEN's data, focusing on tailoring collection to legitimate national security needs, preventing unauthorized disclosure, and protecting Americans' privacy rights. The bill applies directly to FinCEN, the Treasury Department, and federal agencies accessing financial data collected under the Bank Secrecy Act. The reporting and review requirements will sunset after seven years from the bill's enactment.