FINS Act

House Votes

This bill aims to crack down on illegal money movement by adding stricter oversight to companies that send money by wire or remittance, like Western Union, MoneyGram, Ria, XE, and similar digital platforms. Lawmakers say criminals and terror groups exploit weak rules for these services to move money for human trafficking, drugs, and other crimes, so the bill brings them more in line with the same anti–money laundering rules that banks follow.

The Treasury Department must write the detailed rules within 180 days of the bill becoming law, and the new requirements would kick in one year after that. This could mean more ID checks and reporting when sending money, especially across borders, with the goal of stopping illicit transfers while keeping everyday remittances flowing safely.

• Who is affected: Wire transfer and digital remittance companies, and their customers who send or receive money.
• What changes: These companies are formally defined in law and brought under stronger anti–money laundering oversight to prevent criminal use of their networks.
• When: Treasury writes rules within 180 days after enactment; changes take effect 1 year after enactment.