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Increased Oversight for Money Transfer Companies to Combat Crime.

This new act enhances oversight of money transfer companies like Western Union to make it harder for criminals to launder money. It aims to improve national security and protect citizens from criminal organizations. Citizens may experience greater transparency and security when using these services.
Key points
Money transfer companies, such as Western Union and MoneyGram, will be subject to similar oversight rules as banks.
The goal is to make it harder for criminals, including cartels and terrorist groups, to use these services for illegal activities.
New rules will take effect one year after the act's enactment, with the U.S. Treasury Department issuing detailed regulations within 180 days.
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Introduced
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Additional Information
Print number: 119_HR_3066
Sponsor: Rep. Harrigan, Pat [R-NC-10]
Process start date: 2025-04-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

FINS Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_3066.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-04-29.

What are the main provisions?

Key points include:

  • Money transfer companies, such as Western Union and MoneyGram, will be subject to similar oversight rules as banks.
  • The goal is to make it harder for criminals, including cartels and terrorist groups, to use these services for illegal activities.
  • New rules will take effect one year after the act's enactment, with the U.S. Treasury Department issuing detailed regulations within 180 days.
What is the specific legal status?

The current status is Introduced.

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 Rep. Harrigan, Pat [R-NC-10].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-22.

CATEGORIES

Security Economy Courts and Law