Bank Privacy Reform Act
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant.
The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2023-02-27 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2023-02-27 | IntroReferral | Introduced in House | Library of Congress |