To strengthen the authority of the United States Secret Service to investigate various crimes related to digital asset transactions and to counter transnational cyber criminal activity, including unlicensed money transmitting businesses, structured transactions, and fraud against financial institutions, and for other purposes.
About This Bill
Committee
Latest Action · July 29, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
This bill strengthens the U.S. Secret Service's authority to investigate crimes related to digital assets and cryptocurrency money laundering, including unlicensed money transmitting businesses, structured transactions designed to evade detection, and financial institution fraud. The legislation expands the Secret Service's investigative powers under existing law by adding new crime categories and removing restrictions that previously limited investigations to federally insured institutions. The bill also extends the Financial Crimes Enforcement Network's data retention period from 5 years to 10 years to better support law enforcement investigations, and increases the monitoring period for international financial institutions from 6 to 10 years. Within one year of the bill's enactment, the Government Accountability Office is required to study and report to Congress on how well law enforcement can identify and prevent money laundering connected to cybercrime.
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