Requires firearms transaction records relating to the person or the transfer to be destroyed consistent with the Attorney General's responsibility to ensure privacy of the system and to prevent system fraud and abuse, but in no fewer 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 Department of Justice (DOJ), including the FBI, during the period that such records are maintained, to make such records available to the Department of the Treasury (DOT), including the Bureau of Alcohol, Tobacco, and Firearms, for the purpose of conducting system audits to detect fraud and misuse, and to protect the privacy and security, of the system; and (2) DOT to maintain and destroy those records in accordance with all statutory requirements imposed on DOJ.