H.R. 1602 would require the Financial Crimes Enforcement Network (FinCEN) to report annually to the Congress on the number and types of suspicious-activity reports it receives. U.S. financial institutions are required to file such reports with FinCEN listing transactions or patterns of transactions that are unusual or that may involve criminal activity. The bill also would require FinCEN to annually review and update, as appropriate, its protocols for sharing information with other law enforcement, national security, and intelligence agencies. The bill’s requirements would expire seven years after enactment.
Based on the costs of similar activities, CBO expects that FinCEN would need one person each year to comply with the bill’s requirements. On that basis, CBO estimates that implementing H.R. 1602 would cost $1 million over the 2025-2030 period. Any related spending would be subject to the availability of appropriated funds.
The CBO staff contact for this estimate is Zunara Naeem. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.
