Section 1 Short title
This Act may be cited as the “Financial Integrity for National Security Act” or the “FINS Act”.
Financial Integrity for National Security Act
A BILL
To enhance financial oversight of commercial wire transfer companies and prevent illicit money transfers by criminal organizations, and for other purposes.
Sec. 2 Findings
Findings— The Congress finds the following:
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.
Unlike institutional banks, these wire transfer companies operate with minimal regulatory oversight, creating vulnerabilities in financial crime enforcement.
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
In general— Section 5312(a) of title 31, United States code is amended—
in paragraph (2)—
by redesignating subparagraphs (Y) and (Z) as subparagraphs (Z) and (AA), respectively; and
by inserting after paragraph (X) the following:
“(Y) wire transfer service providers;”
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).”
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.
Effective date— The amendments made by this section shall take effect 1 year after the date of the enactment of this section.