Requires firearms transaction records relating to the person or the transfer to be destroyed not less than 90 days after the date on which the firearms licensee first contacts the system with respect to the transfer if the receipt of the firearm would not violate such Act.
Directs: (1) the Attorney General to make such records available to the Secretary of the Treasury to conduct audits to detect fraud and misuse, and to protect the privacy and security, of information in the system; and (2) the Department of the Treasury to maintain and destroy those records in accordance with all applicable laws.