Back to all bills
Standard Summary
Comprehensive overview in 1-2 paragraphs
The Financial Integrity for National Security Act (FINS Act) would extend certain Bank Secrecy Act/anti-money-laundering oversight to non-bank wire transfer companies that move money for consumers and businesses, such as traditional remittance services and digital platforms. By adding “wire transfer service providers” to the regulatory framework that governs financial institutions, the bill aims to curb illicit transfers tied to criminal organizations, human trafficking, drug trade, and terrorism. The measure directs the Treasury to write implementing rules within six months of enactment and then sets a one-year window before the new requirements take effect.
Key Points
- 1Adds a new category to existing anti-money-laundering infrastructure: “wire transfer service providers” are incorporated into the regulatory framework (specifically 31 U.S.C. 5312(a)).
- 2Defines what a wire transfer service provider is: an entity that electronically transfers funds for consumers or businesses domestically or across borders, including but not limited to well-known remittance and transfer services and digital platforms (illustrative examples given, not an exclusive list).
- 3Treasury rulemaking: the Secretary of the Treasury must issue necessary rules within 180 days after enactment to implement the amendments.
- 4Effective date: the new requirements take effect one year after enactment.
- 5Policy goal: strengthen national security by closing regulatory gaps that criminals and terrorists could exploit, bringing non-bank transfer services in line with established AML laws and the Bank Secrecy Act.
Impact Areas
Primary group/area affected: Wire transfer service providers (non-bank money transmitters) and their customers (individuals and businesses using electronic transfers).Secondary group/area affected: Law enforcement and regulators who enforce AML/BSA compliance, as well as financial service markets that include remittance and digital transfer platforms.Additional impacts:- Potential compliance costs and operational changes for non-bank transfer providers (due diligence, reporting, recordkeeping, etc., subject to the forthcoming Treasury rules).- Possible improvements in tracing illicit funds and disrupting criminal networks; increased international alignment with AML standards.- Privacy, data-security, and economic competition considerations as new oversight is implemented.
Generated by gpt-5-nano on Oct 31, 2025