Findings

(a) Findings The Congress finds the following: (1) International criminal organizations, including cartels and terrorist groups, exploit unregulated commercial wire transfer services, such as Western Union, Ria, and XE, to facilitate human trafficking, drug trade, and terrorism. (2) Unlike institutional banks, these wire transfer companies operate with minimal regulatory oversight, creating vulnerabilities in financial crime enforcement. (3) Strengthening oversight of wire transfers will enhance national security and align non-bank financial institutions with established anti-money laundering laws and the Bank Secrecy Act.