Sec. 6103. FINCEN EXCHANGE

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## SEC. 6103 FINCEN EXCHANGE Section 310 of title 31, United States Code, is amended— ####

(1)by redesignating subsection

(d)as subsection (l); and ####

(2)by inserting after subsection

(c)the following: > > ### “(d) FinCEN Exchange > > > #### “(1) Establishment > > The FinCEN Exchange is hereby established within FinCEN. > > > #### “(2) Purpose > > The FinCEN Exchange shall facilitate a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, and FinCEN to— > > > ##### “(A) > > effectively and efficiently combat money laundering, terrorism financing, organized crime, and other financial crimes, including by promoting innovation and technical advances in reporting— > > > ###### “(i) > > under subchapter II of chapter 53 and the regulations promulgated under that subchapter; and > > > ###### “(ii) > > with respect to other anti-money laundering requirements; > > > ##### “(B) > > protect the financial system from illicit use; and > > > ##### “(C) > > promote national security. > > > #### “(3) Report > > > ##### “(A) In general > > Not later than 1 year after the date of enactment of this subsection, and once every 2 years thereafter for the next 5 years, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report containing— > > > ###### “(i) > > an analysis of the efforts undertaken by the FinCEN Exchange, which shall include an analysis of— > > > ###### “(I) > > the results of those efforts; and > > > ###### “(II) > > the extent and effectiveness of those efforts, including any benefits realized by law enforcement agencies from partnering with financial institutions, which shall be consistent with standards protecting sensitive information; and > > > ###### “(ii) > > any legislative, administrative, or other recommendations the Secretary may have to strengthen the efforts of the FinCEN Exchange. > > > ##### “(B) Classified annex > > Each report under subparagraph

(A)may include a classified annex. > > > #### “(4) Information sharing requirement > > Information shared under this subsection shall be shared— > > > ##### “(A) > > in compliance with all other applicable Federal laws and regulations; > > > ##### “(B) > > in such a manner as to ensure the appropriate confidentiality of personal information; and > > > ##### “(C) > > at the discretion of the Director, with the appropriate Federal functional regulator, as defined in section 6003 of the Anti-Money Laundering Act of 2020. > > > #### “(5) Protection of shared information > > > ##### “(A) Regulations > > FinCEN shall, as appropriate, promulgate regulations that establish procedures for the protection of information shared and exchanged between FinCEN and the private sector in accordance with this section, consistent with the capacity, size, and nature of the financial institution to which the particular procedures apply. > > > ##### “(B) Use of information > > Information received by a financial institution pursuant to this section shall not be used for any purpose other than identifying and reporting on activities that may involve the financing of terrorism, money laundering, proliferation financing, or other financial crimes. > > > #### “(6) Rule of construction > > Nothing in this subsection may be construed to create new information sharing authorities or requirements relating to the Bank Secrecy Act.” > .