The Secret Service would gain new authority to investigate crimes involving unlicensed money-transmitting businesses, money laundering, and structured transactions (breaking up deposits to dodge reporting rules) — areas where its jurisdiction has been limited. The agency's reach would also expand beyond just federally insured banks to cover fraud against any financial institution as defined by federal law. Separately, the bill extends the FinCEN Exchange — a program that lets law enforcement share financial intelligence with banks to catch illicit activity — from 5 years to 10 years. It also extends a program monitoring international financial institutions for sanctions compliance from 6 to 10 years, and requires a government study on how well law enforcement is detecting money laundering in cybercrime.
Congressional Summary
This bill expands the investigative authority of the U.S. Secret Service, extends reporting requirements related to public-private information sharing, and requires the Government Accountability Office (GAO) to evaluate existing requirements to combat money laundering and related crimes.Specifically, the bill authorizes the Secret Service to investigate money laundering and structured transactions (i.e., structuring currency transactions to evade currency reporting requirements).Additionally, the bill extends the requirement for the Financial Crimes Enforcement Network (FinCEN) to report on the efforts of the FinCEN Exchange. The FinCEN Exchange is a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, and FinCEN to combat money laundering and related crimes, including the financing of terrorism.The bill also extends the requirement for the U.S. executive director at the International Monetary Fund to support the increased use of the fund's administrative budget to help members prevent money laundering and the financing of terrorism. The requirement expires on December 20, 2025.Finally, the bill directs the GAO to report on implementation of provisions of the Anti-Money Laundering Act of 2020 that expanded information sharing with tribal authorities and expanded reporting requirements related to money laundering and terrorist financing. The GAO must focus on evaluating the ability of law enforcement to identify and deter money laundering in cybercrimes.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Introduced in House
- Action Date
- 2025-10-31
- Date Added
- 2026-03-30
- Source
- Congress.gov →
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