Combatting Money Laundering in Cyber Crime Act of 2024

S 4830, the Combatting Money Laundering in Cyber Crime Act of 2024, expands law enforcement tools to address money laundering tied to cybercrime. It directly affects the U.S. Secret Service and financial institutions by updating the Secret Service’s investigative authority to include cyber-related money laundering under Section 1960 and adding "structured transactions" to their scope. Key provisions include extending FinCEN’s data retention period from 5 to 10 years and increasing sanctions timelines for international financial institutions from 6 to 10 years. The bill also mandates a Government Accountability Office report within one year to assess how effectively law enforcement identifies and deters cybercrime money laundering.