United States of America: Combatting Money Laundering in Cyber Crime Act was reintroduced to Senate (SB 1273)

On 3 April 2025, the Combatting Money Laundering in Cyber Crime Act 2025 (SB 1273) was reintroduced to the Senate. The Act updates and reintroduces provisions previously set out in the 2024 version (SB 4830), which did not progress beyond introduction in the 118th Congress. It aims to strengthen the authority of the United States Secret Service to investigate crimes related to digital asset transactions and transnational cyber criminal activity, including unlicensed money-transmitting businesses, structured transactions, and fraud against financial institutions. The Act proposes amendments to Section 3056(b) of Title 18, US Code, to expand the Secret Service’s remit to include money laundering and structured transactions. It also extends the FinCEN Exchange programme from five to ten years to support information-sharing between financial institutions and law enforcement. Additionally, the Act proposes to amend the Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019 to extend certain sanctions from six to ten years and mandates the Government Accountability Office to report within one year on the implementation of Section 6102 of the Anti-Money Laundering Act of 2020.