Combatting Money Laundering in Cyber Crime Act of 2025
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Would expand U.S. Secret Service authority to investigate money laundering, structured transactions (arranging currency deals to evade reporting thresholds), and unlicensed money transmitting businesses — including digital asset transactions — and would extend reporting deadlines tied to existing anti-money-laundering partnerships.
It would also direct the Government Accountability Office to study how well law enforcement can identify and deter money laundering in cybercrimes, addressing growing concerns about digital-asset-enabled financial crime.
What this bill would do
What it would do
The bill would make four targeted changes to federal anti-money-laundering law. First, it would amend the Secret Service's statutory authority to add money laundering, structured transactions, and operating unlicensed money transmitting businesses as crimes the agency may investigate; it would also remove a restriction limiting Secret Service fraud jurisdiction to "federally insured" institutions, broadening it to any financial institution as defined under federal law. Second, it would extend from 5 years to 10 years the requirement for the Financial Crimes Enforcement Network (FinCEN) to report on the FinCEN Exchange, a voluntary public-private information-sharing program among law enforcement, financial institutions, and government agencies. Third, it would extend from 6 years to 10 years a requirement for the U.S. executive director at the International Monetary Fund to promote use of the fund's budget to help member countries combat money laundering and terrorism financing.
Finally, it would direct the Government Accountability Office to conduct a study and report to relevant congressional committees within one year, focused on evaluating law enforcement's ability to identify and deter money laundering in cybercrimes, specifically examining implementation of the Anti-Money Laundering Act of 2020. The bill would not create a new program or appropriate new funds.
Key provisions
- 1Would expand Secret Service statutory authority to investigate money laundering, structured transactions, and unlicensed money transmitting businesses, including digital asset transactions.
- 2Would remove the 'federally insured' limitation on financial institutions subject to Secret Service fraud jurisdiction, covering all financial institutions as defined under federal law.
- 3Would extend the FinCEN Exchange reporting requirement from 5 years to 10 years, continuing mandatory updates to Congress on the public-private information-sharing program.
- 4Would extend from 6 to 10 years the requirement for the U.S. executive director at the IMF to support anti-money-laundering and counter-terrorism-financing efforts.
- 5Would direct the GAO to study and report within one year on law enforcement's ability to identify and deter money laundering in cybercrimes under the Anti-Money Laundering Act of 2020.
Who would be affected
The U.S. Secret Service, which would gain new investigative jurisdiction over money laundering and related financial crimes. Financial institutions of all types — not just federally insured ones — would fall within expanded Secret Service fraud authority. FinCEN and the law enforcement and private-sector participants in the FinCEN Exchange would be subject to the extended reporting timeline. Congress and the public would receive a GAO report on cybercrime money-laundering enforcement.
Why it matters
By adding money laundering and unlicensed money transmitting to the Secret Service's toolkit, the bill would let agents pursue financial crimes tied to cybercrime and digital assets — areas where agency jurisdiction had been unclear. Broadening coverage beyond federally insured institutions matters because many digital-asset platforms and fintech firms do not carry federal deposit insurance. The GAO study would surface whether existing anti-money-laundering frameworks are keeping pace with cyber-enabled crime.
What would change
Changes to existing law
Amends 18 U.S.C. § 3056(b) (Sec. 2)
Adds money laundering, structured transactions, and unlicensed money transmitting (§ 1960) to Secret Service investigative authority; removes 'federally insured' limitation on financial institutions.
Amends 31 U.S.C. § 310(d)(3)(A) (Sec. 3)
Extends the FinCEN Exchange reporting requirement from 5 years to 10 years.
Amends Otto Warmbier North Korea Nuclear Sanctions and Enforcement Act of 2019, § 7125(b) (Sec. 4)
Extends the IMF executive director anti-money-laundering support requirement from 6 years to 10 years.
Agencies directed to act
Effective dates
- GAO study and report on cybercrime money laundering due to Congress
Funding and costs
Congressional Budget Office estimate
CBO estimates that H.R. 5877 would increase revenues and direct spending by less than $500,000 each year and over the 2026–2036 period, resulting in a negligible net effect on the deficit.
CBO estimates that enacting H.R. 5877 would increase both revenues and direct spending (mandatory outlays) by less than $500,000 annually and over the 2026–2036 scoring window. The small revenue increase stems from additional criminal fines expected as the Secret Service's jurisdiction is expanded to cover more financial crimes, such as unlicensed money transmitting businesses; those fines are deposited into the Crime Victims Fund and spent without further congressional approval, driving an equally small increase in direct spending. Implementing the bill's other provisions — including new reporting requirements for FinCEN and the GAO — would cost less than $500,000 over the 2026–2031 period, subject to appropriations. CBO found no intergovernmental or private-sector mandates in the bill.
How implementation would work
The Secret Service would immediately gain broader investigative jurisdiction upon enactment with no rulemaking required. The FinCEN Exchange's extended reporting obligation would automatically reset the compliance clock, requiring FinCEN to continue submitting periodic reports on the public-private partnership's activities for an additional five years. The GAO must deliver its cybercrime money-laundering study to the House Financial Services Committee and Senate Banking Committee within one year of enactment, focusing specifically on law enforcement's detection and deterrence capacity. No new grant cycles or fee mechanisms are established.
Legislative status & sources
Latest action
Placed on the Union Calendar, Calendar No. 530.
Official CRS summary
Show the CRS summaryHide the CRS summary
This bill expands the investigative authority of the U.S. Secret Service, extends reporting requirements related to public-private information sharing, and requires the Government Accountability Office (GAO) to evaluate existing requirements to combat money laundering and related crimes.
Specifically, the bill authorizes the Secret Service to investigate money laundering and structured transactions (i.e., structuring currency transactions to evade currency reporting requirements).
Additionally, the bill extends the requirement for the Financial Crimes Enforcement Network (FinCEN) to report on the efforts of the FinCEN Exchange. The FinCEN Exchange is a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, and FinCEN to combat money laundering and related crimes, including the financing of terrorism.
The bill also extends the requirement for the U.S. executive director at the International Monetary Fund to support the increased use of the fund's administrative budget to help members prevent money laundering and the financing of terrorism. The requirement expires on December 20, 2025.
Finally, the bill directs the GAO to report on implementation of provisions of the Anti-Money Laundering Act of 2020 that expanded information sharing with tribal authorities and expanded reporting requirements related to money laundering and terrorist financing. The GAO must focus on evaluating the ability of law enforcement to identify and deter money laundering in cybercrimes.
Legislative subjects
Computers and information technology; Congressional oversight; Crime and Law Enforcement; Criminal investigation, prosecution, interrogation; Fraud offenses and financial crimes; Government studies and investigations; Law enforcement administration and funding
Committee report
H. Rept. 119-612