Secret Service Powers Expanded to Fight Cyber Money Laundering and Digital Crime.
This Act strengthens the Secret Service's authority to investigate financial crimes involving digital assets, such as money laundering and fraud. These changes aim to enhance citizens' financial security by more effectively combating transnational cyber crime and illegal financial operations. The law also extends the period government agencies can share crucial anti-money laundering information with financial institutions to better protect the banking system.
Key points
The Secret Service gains new authority to investigate unlicensed money transmitting businesses and money laundering, particularly concerning digital transactions.
Extends the period from 5 to 10 years for FinCEN to share information with financial institutions to prevent financial crimes.
Strengthens the fight against financial fraud by covering a broader range of financial institutions, regardless of federal insurance status.
Status:
Introduced
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