STIFLE Act of 2023

HR 6605 (STIFLE Act of 2023) requires the Treasury Department to study how criminals exploit location-obfuscation tools like VPNs and manipulated GPS data to evade U.S. financial sanctions and anti-money laundering laws. The bill mandates a report within one year assessing the risks of inaccurate location tracking via IP addresses, the ease of evasion, and potential solutions using aggregated location data. This study targets financial technology platforms that currently rely on IP addresses as their primary method for verifying user locations to comply with sanctions and banking regulations. The bill itself does not change existing laws but sets the stage for future policy decisions based on the Treasury's findings.