Combatting Money Laundering in Cyber Crime Act of 2025
Combatting Money Laundering in Cyber Crime Act of 2025
Plain Language Summary
# Combatting Money Laundering in Cyber Crime Act of 2025 - Summary **What the bill would do:** This bill strengthens federal efforts to combat money laundering, particularly related to cybercrime. It gives the U.S. Secret Service expanded authority to investigate money laundering cases and "structuring" (when people deliberately break up large financial transactions into smaller ones to avoid detection).
The bill also requires ongoing reporting on the FinCEN Exchange—a partnership between law enforcement, financial institutions, and government agencies that share information to detect money laundering and terrorist financing. **Who it affects:** The bill directly impacts law enforcement agencies (especially the Secret Service), financial institutions that report suspicious activity, and the Government Accountability Office (GAO), which would be required to study current anti-money laundering requirements. Indirectly, it affects anyone conducting legitimate financial transactions, as financial institutions may implement stricter monitoring procedures. **Current status:** The bill was introduced in the 119th Congress by Senator Catherine Cortez Masto (D-Nevada) and is currently in committee review. It has not yet been voted on in either chamber of Congress.
CRS Official Summary
Combatting Money Laundering in Cyber Crime Act of 2025This bill expands the investigative authority of the U.S. Secret Service, extends reporting requirements related to public-private information sharing, and requires the Government Accountability Office (GAO) to evaluate existing requirements to combat money laundering and related crimes.Specifically, the bill authorizes the Secret Service to investigate money laundering and structured transactions (i.e., structuring currency transactions to evade currency reporting requirements).Additionally, the bill extends the requirement for the Financial Crimes Enforcement Network (FinCEN) to report on the efforts of the FinCEN Exchange. The FinCEN Exchange is a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, and FinCEN to combat money laundering and related crimes, including the financing of terrorism.The bill also extends the requirement for the U.S. executive director at the International Monetary Fund to support the increased use of the fund's administrative budget to help members prevent money laundering and the financing of terrorism. The requirement expires on December 20, 2025.Finally, the bill directs the GAO to report on implementation of provisions of the Anti-Money Laundering Act of 2020 that expanded information sharing with tribal authorities and expanded reporting requirements related to money laundering and terrorist financing. The GAO must focus on evaluating the ability of law enforcement to identify and deter money laundering in cybercrimes.
Latest Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.