Bill > HR5877

This bill, titled the "Combatting Money Laundering in Cyber Crime Act of 2025," aims to bolster the United States Secret Service's capabilities in investigating digital asset transactions and combating transnational cybercrime. It expands the Secret Service's authority to include investigating crimes related to money laundering and structured transactions, which involve deliberately breaking down large financial transactions into smaller ones to avoid reporting requirements, and fraud against financial institutions, which are entities like banks that are federally insured. Additionally, the bill modifies reporting requirements for the Financial Crimes Enforcement Network (FinCEN), extending the timeframe for certain reports from 5 to 10 years, and increases the reporting period for international financial institutions from 6 to 10 years. Finally, it mandates a Government Accountability Office (GAO) report within one year of enactment to assess how effectively law enforcement can identify and prevent money laundering within cybercrimes, referencing the Anti-Money Laundering Act of 2020.