FINS Act

HR 3066, the FINS Act, requires non-bank wire transfer services like Western Union and MoneyGram to follow the same anti-money laundering rules as banks. It directly affects companies that send money electronically across borders or domestically, which currently face minimal oversight. The bill amends existing law to define these services as "wire transfer service providers" and directs the Treasury Secretary to create new rules within 180 days. These rules would bring such companies under the Bank Secrecy Act, strengthening oversight to disrupt criminal use of unregulated transfers for trafficking, drug trade, or terrorism. The changes would take effect one year after the bill becomes law.