This bill expands the authority of the United States Secret Service to investigate crimes tied to digital asset transactions and transnational cyber criminal activity. It amends Title 18 and Title 31 provisions to add money laundering and structured transactions to listed authorities, replace a reference to certain kinds of financial institutions with the definition in 31 U.S.C. 5312, and add a referenced criminal citation. The bill also changes a numeric period in a FINCEN exchange provision from "5 years" to "10 years" and replaces "6" with "10" in a section of the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019. Finally, the bill requires the Government Accountability Office (GAO) to submit a report within one year on implementation of section 6102 of the Anti-Money Laundering Act of 2020, focusing on law enforcement’s ability to identify and deter money laundering in cyber crimes.
If you work with digital assets, financial reporting, or law enforcement, this bill would expand the Secret Service’s listed investigative authorities and change some time or numeric limits in existing financial statutes. It also orders a GAO study on how well law enforcement can address money laundering tied to cyber crimes. No publicly available information on specific enforcement changes, timelines for new actions, or direct effects beyond the text of the bill.
No publicly available information on federal cost estimates or budget effects in the bill text or metadata.
The bill text and sponsors state the measure is intended to strengthen the Secret Service’s authority to investigate digital asset-related crimes and to counter transnational cyber criminal activity, including unlicensed money transmitting businesses, structured transactions, and fraud against financial institutions.
No publicly available information.