Report on the state of scams in the United States

Not later than 2 years after the date of enactment of this Act, and two years thereafter, the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, shall submit a report to Congress on the state of financial fraud, pig butchering, elder financial fraud, and scams, based on information available to the Financial Crimes Enforcement Network, that— (1) relies on information reported to or otherwise available to the Financial Crimes Enforcement Network; (2) analyzes trends in suspected financial fraud, pig butchering, elder financial fraud, and scams, as reflected in reports filed under subchapter II of chapter 53 of title 31, United States Code (commonly referred to as the Bank Secrecy Act), including— (A) the volume of relevant reports; (B) the aggregate dollar amount associated with the reports; (C) typologies and methods identified through the reports; and (D) the role of digital assets in the reports; and (3) summarizes activities conducted in cooperation with law enforcement, including the Rapid Response Program, during the period covered by the report, including— (A) the number of referrals received from law enforcement; (B) the aggregate dollar amount of funds for which interdiction was sought; (C) the aggregate dollar amount of funds successfully interdicted or recovered; and (D) any limitations affecting the activities, including limitations arising from reliance on law enforcement referrals.

Not later than 2 years after the date of enactment of this Act, and two years thereafter, the Secretary of the Treasury, acting through the Director of the Financial Crimes Enforcement Network, shall submit a report to Congress on the state of financial fraud, pig butchering, elder financial fraud, and scams, based on information available to the Financial Crimes Enforcement Network, that— (1) relies on information reported to or otherwise available to the Financial Crimes Enforcement Network; (2) analyzes trends in suspected financial fraud, pig butchering, elder financial fraud, and scams, as reflected in reports filed under subchapter II of chapter 53 of title 31, United States Code (commonly referred to as the Bank Secrecy Act), including— (A) the volume of relevant reports; (B) the aggregate dollar amount associated with the reports; (C) typologies and methods identified through the reports; and (D) the role of digital assets in the reports; and (3) summarizes activities conducted in cooperation with law enforcement, including the Rapid Response Program, during the period covered by the report, including— (A) the number of referrals received from law enforcement; (B) the aggregate dollar amount of funds for which interdiction was sought; (C) the aggregate dollar amount of funds successfully interdicted or recovered; and (D) any limitations affecting the activities, including limitations arising from reliance on law enforcement referrals.