Wire transfer companies would face new rules to stop illegal money transfers.
This bill would make wire transfer companies follow the same strict rules as banks. It aims to stop criminal groups from using these services for illegal activities like drug trade and human trafficking. This would mean more oversight for wire transfers.
Today, many wire transfer companies operate with fewer rules than banks. This makes it easier for criminal groups to move illegal money. If this bill becomes law, these companies would be treated like banks under federal law. They would face stricter oversight and anti-money laundering rules. These changes would start one year after the bill becomes law.
HR 3066 · 119th Congress · April 29, 2025 · AI Summary by gemini-2.5-flash · 9/10
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