This bill expands the investigative authority of the U.S. Secret Service to allow it to pursue cases involving unlicensed money transmitting businesses under federal law, and structuring transactions to evade currency reporting requirements, though this new authority requires coordination with the Attorney General and the Secretary of Homeland Security. It also updates the definition of financial institution used in Secret Service investigations to align with the broader definition already used elsewhere in federal law. The bill extends the operating authorization for FinCEN Exchange, a public-private information-sharing program that helps combat financial crimes, from five years to ten years. It similarly extends a related reporting requirement concerning international financial institutions from six years to ten years. Overall, the legislation aims to strengthen federal tools for detecting and prosecuting money laundering tied to cybercrime, affecting law enforcement agencies, financial institutions, and businesses that handle money transmission.
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