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To advance bipartisan priorities.
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Requires the federal government to push the financial industry to do more to detect, report, and help stop human trafficking by directing reviews, reports, training, information‑sharing, and recommendations for anti‑money laundering (AML) practices. It also amends U.S. country assessments under the Trafficking Victims Protection Act to evaluate whether countries have (and are implementing) legal and operational frameworks to prevent and prosecute financial transactions using proceeds from severe forms of trafficking. Sets specific review tasks, deadlines, and definitions, prohibits the new tasking from exercising rulemaking power or encouraging denial of services to trafficking victims, and focuses on practical steps for banks, fintechs, and other financial actors to improve detection, referrals, and cooperation with law enforcement and victim services.
Not later than 180 days after enactment, the Financial Institutions Examination Council, in consultation with the Secretary of the Treasury, the private sector, victims and advocates, and appropriate law enforcement agencies, must review and enhance training and examination procedures to improve the ability of anti-money laundering and countering the financing of terrorism programs to detect financial transactions related to severe forms of trafficking in persons.
Not later than 180 days after enactment, the Financial Institutions Examination Council (in the consultations listed above) must review and enhance procedures for referring potential cases related to severe forms of trafficking in persons to the appropriate law enforcement agency.
Not later than 180 days after enactment, the Financial Institutions Examination Council (in the consultations listed above) must determine, as appropriate, whether requirements for financial institutions are sufficient to detect and deter money laundering related to severe forms of trafficking in persons.
Not later than 270 days after enactment, the Interagency Task Force To Monitor and Combat Trafficking must submit to specified Congressional committees and the head of each Federal banking agency: (A) an analysis of U.S. Government and U.S. financial institutions' anti-money laundering efforts related to severe forms of trafficking in persons; and (B) appropriate legislative, administrative, and other recommendations to strengthen efforts against money laundering related to severe forms of trafficking in persons.
The task force's recommendations must include feedback from financial institutions on best practices of successful programs to combat severe forms of trafficking in persons that may be suitable for broader adoption.
Who is affected and how:
Financial firms, banks, and fintech companies: Expect greater scrutiny of AML and compliance measures related to human trafficking. They may face new guidance, recommended practices for transaction monitoring, enhanced training requirements for front-line and compliance staff, and stronger expectations for making referrals and sharing information with law enforcement and victim service organizations.
Compliance officers and AML personnel: Will likely need to implement new training, update red‑flag indicators, refine SAR filing practices to better capture trafficking‑linked activity, and engage more with public‑private information‑sharing efforts.
Law enforcement and prosecutors: Could receive improved, more actionable financial intelligence on trafficking proceeds, but will also need capacity to investigate and prosecute the financial aspects of trafficking cases as emphasized in the new assessment criteria.
Victims and victim service providers: The bill explicitly seeks to improve referral pathways to services while protecting victims from loss of access to financial services; providers should see better cooperation from financial institutions if guidance and training are implemented well.
U.S. Government and foreign governments: U.S. agencies compiling country trafficking assessments must add and apply the new criterion about financial frameworks and enforcement, potentially affecting bilateral engagement, assistance, and diplomatic leverage. Countries assessed may face pressure to develop AML frameworks that specifically address trafficking proceeds and to increase investigations and prosecutions.
Overall effect: The legislation is procedural and programmatic rather than punitive; it aims to strengthen detection and cooperation chains across private and public sectors. Implementation will depend on agency follow‑through, resource allocation (not specified in the summary), and the willingness of financial institutions and foreign governments to adopt recommended practices.
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Last progress May 29, 2025 (8 months ago)
Introduced on May 29, 2025 by Brian K. Fitzpatrick
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.