Bill > HR3066

This bill aims to enhance financial oversight of commercial wire transfer companies to prevent illicit money transfers by criminal organizations. Specifically, the FINS Act expands the definition of financial institutions under existing law to explicitly include wire transfer service providers like Western Union, Ria, and MoneyGram. The bill recognizes that these companies currently operate with minimal regulatory oversight, which creates vulnerabilities that international criminal organizations exploit for activities such as human trafficking, drug trade, and terrorism. The legislation requires the Secretary of the Treasury to develop new rules within 180 days of enactment, with the amendments taking effect one year after the bill is signed into law. By bringing wire transfer services under more comprehensive financial regulations, the bill seeks to align these non-bank financial institutions with established anti-money laundering laws and the Bank Secrecy Act, ultimately strengthening national security by making it more difficult for criminal organizations to move money across borders.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/3066/all-info