The legislation aims to increase penalties for financial crimes committed using artificial intelligence.
It amends existing laws related to mail fraud, wire fraud, bank fraud, and money laundering.
For mail and wire fraud, the maximum penalty is increased from $1,000,000 to $2,000,000.
If mail or wire fraud is committed with the assistance of artificial intelligence, offenders may face fines up to $1,000,000 and/or imprisonment for up to 20 years.
The legislation introduces a specific provision for bank fraud, establishing a penalty of up to $2,000,000 and/or imprisonment for up to 30 years if committed with artificial intelligence.
It defines “artificial intelligence” by referencing the National Artificial Intelligence Initiative Act of 2020.
For money laundering, the legislation stipulates that if the crime is committed using artificial intelligence, penalties include fines up to $1,000,000 or three times the value of the funds involved, and/or imprisonment for up to 20 years.
The bill includes clerical amendments to update definitions and section headings in the U.S. Code.
