United States of America: Introduced AI Fraud Deterrence Act (HR 10125)

On 14 November 2024, the AI Fraud Deterrence Act (HR 10125) was introduced to the US House of Representatives. This Bill increases the maximum penalties for fraud committed with the assistance of Artificial Intelligence (AI), covering mail fraud, bank fraud, and money laundering. For mail fraud, the Bill increases the maximum fine from USD 250'000 to USD one million if the fraud was committed with AI and from USD one million to USD 2 million if the fraud affected disaster aid or a financial institution, regardless of whether it was committed with AI. For bank fraud, the Bill increases the maximum fine from USD one million to USD 2 million if the fraud was committed with AI. For money laundering, the Bill increases the maximum fine from USD 500’000 or twice the value of the property involved (whichever is greater) to USD one million or thrice the value of the property involved (whichever is greater) if the fraud was committed with AI. This Bill was referred to the House Committee on the Judiciary for further consideration.