Combating Money Laundering in Cyber Crime Act of 2024

This bill expands the U.S. Secret Service's authority to investigate cybercrime-related money laundering by adding Section 1960 (money laundering) to its jurisdiction and updating definitions for financial institutions. It requires financial institutions to report suspicious activity for 10 years (up from 5) under FinCEN rules and increases the number of international financial institutions targeted for cooperation from 5 to 10. The law directly affects financial institutions, law enforcement agencies, and international financial bodies by modifying reporting timelines, investigative powers, and cross-border collaboration requirements. These changes aim to strengthen efforts against cybercrime money laundering through updated legal frameworks and extended oversight periods.