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Combatting Money Laundering in Cyber Crime Act of 2025
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.
Summary
This bill expands the United States Secret Service's authority to investigate crimes involving digital assets and cyber criminal activity, including unlicensed money transmitting businesses, money laundering, and structured transactions. It extends the FinCEN financial records retention requirement from 5 years to 10 years and extends a reporting requirement for international financial institutions under existing North Korea sanctions law from 6 years to 10 years. The bill directs the Government Accountability Office to study and report within one year on how effectively law enforcement is implementing anti-money laundering measures for cyber crimes. The amendments modify existing law to broaden the scope of institutions and transactions covered under the Secret Service's investigative jurisdiction.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
1 cosponsor
- Sen. Grassley, Chuck [R-IA] (R-IA)
Actions (2)
- Apr 3, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Apr 3, 2025 Introduced in Senate
More bills on these subjects (8)
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Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE SENATE OF THE UNITED STATES
April 3, 2025
Ms. Cortez Masto (for herself and Mr. Grassley) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Combatting Money Laundering in Cyber Crime Act of 2025”.
SEC. 2. EXPANSION OF UNITED STATES SECRET SERVICE INVESTIGATIVE AUTHORITIES.
Section 3056(b) of title 18, United States Code, is amended—
(1) in paragraph (1), by striking “or” after “871” and inserting “, or 1960” after “879”; and
(2) in paragraph (3)—
(A) by inserting “money laundering, structured transactions,” after “documents or devices,”;
(B) by striking “federally insured”; and
(C) by inserting “, as defined in section 5312 of title 31” after “institution”.
SEC. 3. FINCEN EXCHANGE.
Section 310(d)(3)(A) of title 31, United States Code, is amended, in the matter preceding clause (i), by striking “5 years” and inserting “10 years”.
SEC. 4. INTERNATIONAL FINANCIAL INSTITUTIONS.
Section 7125(b) of the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019 (22 U.S.C. 262p-13 note) is amended by striking “6” and inserting “10”.
SEC. 5. REPORT.
(a) In General.—Not later than 1 year after the date of enactment of this Act, the Government Accountability Office shall conduct a study and submit to the appropriate committees of Congress a report on the implementation of section 6102 of the Anti-Money Laundering Act of 2020 (title LXI of division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (Public Law 116-283; 134 Stat. 4552)).
(b) Focus.—In conducting the study under subsection (a), the Government Accountability Office shall focus on evaluating the ability of law enforcement to identify and deter money laundering in cyber crimes. <all>
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