119-hr3066

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3066 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 3066

 To enhance financial oversight of commercial wire transfer companies 
and prevent illicit money transfers by criminal organizations, and for 
 other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 April 29, 2025

 Mr. Harrigan introduced the following bill; which was referred to the 
 Committee on Financial Services

_______________________________________________________________________

 A BILL

 To enhance financial oversight of commercial wire transfer companies 
and prevent illicit money transfers by criminal organizations, 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 ``Financial Integrity for National 
Security Act'' or the ``FINS Act''.

SEC. 2. FINDINGS.

    (a) 

=== Findings ===
-The Congress finds the following:

    (1) International criminal organizations, including cartels 
 and terrorist groups, exploit unregulated commercial wire 
 transfer services, such as Western Union, Ria, and XE, to 
 facilitate human trafficking, drug trade, and terrorism.

    (2) Unlike institutional banks, these wire transfer 
 companies operate with minimal regulatory oversight, creating 
 vulnerabilities in financial crime enforcement.

    (3) Strengthening oversight of wire transfers will enhance 
 national security and align non-bank financial institutions 
 with established anti-money laundering laws and the Bank 
 Secrecy Act.

SEC. 3. REQUIREMENTS FOR WIRE TRANSFER SERVICE PROVIDERS.

    (a) In General.--

Section 5312

    (a) of title 31, United States code is 
amended--

    (1) in paragraph

    (2) --
        (A) by redesignating subparagraphs
        (Y) and
        (Z) as 
 subparagraphs
        (Z) and

    (AA) , respectively; and
        (B) by inserting after paragraph
            (X) the following:
 ``
        (Y) wire transfer service providers;''; and

    (2) by adding at the end the following:
 ``

    (7) Wire transfer service provider.--The term `wire 
 transfer service provider' means an entity that engages in the 
 electronic transfer of funds on behalf of consumers or 
 businesses, either domestically or across international 
 borders, including but not limited to services such as Western 
 Union, Ria, MoneyGram, XE, and digital remittance platforms (we 
 recommend against calling out specific companies as they change 
 over time).''.

    (b) Rulemaking.--The Secretary of the Treasury shall, not later 
than 180 days after the date of the enactment of this Act, issues such 
rules as the Secretary of the Treasury determines necessary to carry 
out the amendments made by this section.
            (c) Effective Date.--The amendments made by this section shall take 
effect 1 year after the date of the enactment of this section.
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