No records at the federal level are to be kept regarding gun ownership or transactions. Doing so is against federal law. There is a GAO report that states clearly that the BATFE is keeping such records against federal law and so far, nothing has been done about it. If you fill out a 4473, the information goes in with the form and as we know, nothing ever disappears from cyber-space. I have no doubt there will be court challenges over this, but it may take years to resolve and history on this kind of thing suggests the guns seized my be destroyed before the resolution. It is a classic violation of the 4th Amendment.
Will the people who bought guns even though they were not supposed to, be prosecuted if they lied on the Form 4473? It’s a federal offense, but it was rarely prosecuted under Obama. NICS violations are still not being prosecuted. In fact, gun crimes of all kinds, across the board, are rarely prosecuted. I heard a prosecuting attorney on an anti-gun panel discussion admit that even when they are charged, gun crimes are almost always plea bargained away and he doesn’t see that changing.