arrow_back Back to App

Strengthening Cybercrime and Digital Asset Money Laundering Investigations.

This law expands the authority of the Secret Service to investigate financial crimes involving digital assets and online money laundering schemes. This provides greater protection against digital fraud and illegal financial operations, as agencies can more effectively investigate cryptocurrency transactions and income concealment schemes. Furthermore, financial regulators must now retain crime-related financial data for 10 years, aiding long-term investigations.
Key points
The Secret Service gains new powers to prosecute unlicensed money transmitting businesses and fraud involving digital assets.
Authorities can now pursue financial fraud regardless of whether the institution is federally insured, covering a broader range of financial entities.
The retention period for key financial crime data by FinCEN is extended from 5 to 10 years.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_S_4830
Sponsor: Sen. Cortez Masto, Catherine [D-NV]
Process start date: 2024-07-29
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Combatting Money Laundering in Cyber Crime Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4830.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-29.

What are the main provisions?

Key points include:

  • The Secret Service gains new powers to prosecute unlicensed money transmitting businesses and fraud involving digital assets.
  • Authorities can now pursue financial fraud regardless of whether the institution is federally insured, covering a broader range of financial entities.
  • The retention period for key financial crime data by FinCEN is extended from 5 to 10 years.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Cortez Masto, Catherine [D-NV].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Courts and Law Economy Security