The FINS Act would add wire transfer service providers to the financial institution definition in federal law. It covers electronic transfers made for consumers or businesses, within the United States or across borders. The Treasury Secretary would issue rules within 180 days of enactment, and the changes would take effect one year after enactment. The bill was introduced and referred to the House Committee on Financial Services.
If enacted, the change would bring covered wire transfer providers within the relevant statutory category of financial institutions. The bill does not describe specific new requirements for customers.
No publicly available information.
The bill's findings say stronger oversight could help address illicit money transfers and align non-bank financial institutions with anti-money laundering laws and the Bank Secrecy Act.
No publicly available information.