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Digital Asset Anti-Money Laundering Act of 2023

USA118th CongressS-2669| Senate 
| Updated: 2/1/2024
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (19)
Jeanne Shaheen (Democratic)Roger Marshall (Republican)Catherine Cortez Masto (Democratic)Richard J. Durbin (Democratic)Ben Ray Luján (Democratic)Angus S. King (Independent)Laphonza R. Butler (Democratic)Lindsey Graham (Republican)John W. Hickenlooper (Democratic)Robert P. Casey (Democratic)Sheldon Whitehouse (Democratic)Joe Manchin (Independent)Chris Van Hollen (Democratic)Michael F. Bennet (Democratic)John Fetterman (Democratic)Tina Smith (Democratic)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Richard Blumenthal (Democratic)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Digital Asset Anti-Money Laundering Act of 2023 This bill applies existing anti-money laundering requirements to digital assets providers and facilitators. Specifically, the bill makes digital assets providers and facilitators financial institutions under the Bank Secrecy Act. Under the act, financial institutions must keep records, file disclosures, and report suspicious activity to federal regulators to aid in detecting money laundering and terrorist financing activities. The bill also directs specified federal financial regulators to establish rules regarding digital assets. The Financial Crimes Enforcement Network (FinCEN) must require U.S. persons to report cryptocurrency transactions through foreign accounts of over $10,000. FinCEN must also require digital asset kiosk owners and administrators to submit and update every 90 days the physical addresses of the kiosks. The Department of the Treasury must establish regulations to mitigate risks for financial institutions handling, using, or transacting business with (1) digital asset mixers, privacy coins, and other anonymity-enhancing technologies; and (2) digital assets that have been anonymized by these technologies. Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission must establish risk examination and review processes for their respective anti-money laundering programs.
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Timeline

Bill from Previous Congress

S 117-5267
Digital Asset Anti-Money Laundering Act of 2022
Jul 27, 2023
Introduced in Senate
Jul 27, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 26, 2023
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Jan 11, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Feb 1, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • Bill from Previous Congress

    S 117-5267
    Digital Asset Anti-Money Laundering Act of 2022


  • July 27, 2023
    Introduced in Senate


  • July 27, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • October 26, 2023
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • January 11, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • February 1, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.

Finance and Financial Sector

Banking and financial institutions regulationBusiness recordsComputers and information technologyComputer security and identity theftConsumer affairsCurrencyDigital mediaForeign and international bankingFraud offenses and financial crimesRight of privacy

Digital Asset Anti-Money Laundering Act of 2023

USA118th CongressS-2669| Senate 
| Updated: 2/1/2024
Digital Asset Anti-Money Laundering Act of 2023 This bill applies existing anti-money laundering requirements to digital assets providers and facilitators. Specifically, the bill makes digital assets providers and facilitators financial institutions under the Bank Secrecy Act. Under the act, financial institutions must keep records, file disclosures, and report suspicious activity to federal regulators to aid in detecting money laundering and terrorist financing activities. The bill also directs specified federal financial regulators to establish rules regarding digital assets. The Financial Crimes Enforcement Network (FinCEN) must require U.S. persons to report cryptocurrency transactions through foreign accounts of over $10,000. FinCEN must also require digital asset kiosk owners and administrators to submit and update every 90 days the physical addresses of the kiosks. The Department of the Treasury must establish regulations to mitigate risks for financial institutions handling, using, or transacting business with (1) digital asset mixers, privacy coins, and other anonymity-enhancing technologies; and (2) digital assets that have been anonymized by these technologies. Treasury, the Securities and Exchange Commission, and the Commodity Futures Trading Commission must establish risk examination and review processes for their respective anti-money laundering programs.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline

Bill from Previous Congress

S 117-5267
Digital Asset Anti-Money Laundering Act of 2022
Jul 27, 2023
Introduced in Senate
Jul 27, 2023
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Oct 26, 2023
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Jan 11, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Feb 1, 2024
Committee on Banking, Housing, and Urban Affairs. Hearings held.
  • Bill from Previous Congress

    S 117-5267
    Digital Asset Anti-Money Laundering Act of 2022


  • July 27, 2023
    Introduced in Senate


  • July 27, 2023
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.


  • October 26, 2023
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • January 11, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.


  • February 1, 2024
    Committee on Banking, Housing, and Urban Affairs. Hearings held.
Elizabeth Warren

Elizabeth Warren

Democratic Senator

Massachusetts

Cosponsors (19)
Jeanne Shaheen (Democratic)Roger Marshall (Republican)Catherine Cortez Masto (Democratic)Richard J. Durbin (Democratic)Ben Ray Luján (Democratic)Angus S. King (Independent)Laphonza R. Butler (Democratic)Lindsey Graham (Republican)John W. Hickenlooper (Democratic)Robert P. Casey (Democratic)Sheldon Whitehouse (Democratic)Joe Manchin (Independent)Chris Van Hollen (Democratic)Michael F. Bennet (Democratic)John Fetterman (Democratic)Tina Smith (Democratic)Raphael G. Warnock (Democratic)Gary C. Peters (Democratic)Richard Blumenthal (Democratic)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Banking and financial institutions regulationBusiness recordsComputers and information technologyComputer security and identity theftConsumer affairsCurrencyDigital mediaForeign and international bankingFraud offenses and financial crimesRight of privacy