,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajdie  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,septemb] #ag1        
#bjbf,mr4 ,hamadeh ( ,arizona introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ! ,judici>y1 & 9 addition 
to ! ,committees on ,f9ancial ,s]vices1 
& ,agriculture1 = a p]iod to be         
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to am5d title #ah1 
,unit$ ,/ates ,code1 to e/abli% enhanc$ 
p5alties = c]ta9 frauds1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,combat+ ,abusive ,tactics1
 ,fraud1 & ,imp]sonation ,scams ,h>m+   
,s5iors ,act ( #bjbf or ! ,,catfi% ,act 
( #bjbf4  #b4 ,f9d+s ,congress f9ds !   
foll[+3 7#a7 ,! s5ior citiz5s ( ! ,unit$
 ,/ates h sp5t lifetimes e>n+ !         
retirem5t !y n[ live 94 ,! sav+s1 home  
equity1 & ,social ,security & ,m$ic>e   
b5efits t su/a9 old] ,am]icans repres5t 
decades ( labor1 discipl9e1 & def]r$    

rew>d--h>d-won prop]ty t %\ld n become a
 t>get ( opportunity = int]national     
crim9al syndicates or = ! dome/ic fraud 
ecosy/em t fe$s !m4  7#b7 ,accord+ to ! 
,f$]al ,trade ,commission1 ,am]icans ag$
 #fj & ov] report$ los+ approximately   
#b1djj1jjj1jjj to fraud 9 #bjbd1 a      
f\rfold increase f ! approximately      
#fjj1jjj1jjj report$ 9 #bjbj4  7#c7 ,!  
,f$]al ,trade ,commission fur!r e/imates
 t1 acc\nt+ = *ronic und]report+1 ! true
 annual losses su/a9$ by old] ,am]icans 
may rea* z high z                       
#ha1ejj1jjj1jjj--losses t l>gely        
repres5t retirem5t sav+s1 home equity1 &
 inh]itances t c nev] be recov]$4  7#d7 
,individual losses exce$+ #ajj1jjj--(t5 
driv5 by romance fraud1 inve/m5t fraud1 
& gov]nm5t-imp]sonation s*emes--acc\nt =
 #fh p]c5t ( all doll>s report$ lo/ by  
old] ,am]icans1 confirm+ t ! fraud      
crisis fac+ s5iors is n a problem (     
nuisance-level !ft b ( retirem5t-eras+  
f9ancial de/ruction4  7#e7 ,9 #bjbd1    
accord+ to ! ,f$]al ,bureau (           

,inve/igation's ,int]net ,crime         
,compla9t ,c5t]1 confid5ce & romance    
fraud g5]at$ m ?an #ag1jjj compla9ts &  
at lea/ #fgb1jjj1jjj 9 report$ losses   
nationally4 ,old] ,am]icans bore a      
disproportionate %>e ( ! h>m3 victims   
ag$ #fj & old] fil$ m ?an #adg1jjj      
compla9ts ( int]net-enabl$ crime1       
report$ aggregate losses ( approximately
 #d1hjj1jjj1jjj 7a #dc p]c5t ye>-ov]-ye>
 increase71 av]ag$ approximately #hc1jjj
 p] report$ loss1 & includ$             
approximately #g1ejj victims :o ea*     
report$ individual losses ( #ajj1jjj or 
m4 ,( ! losses report$ by victims ag$   
#fj & old]1 #chi1jjj1jjj 0 attributable 
to confid5ce & romance fraud            
specifically4  7#f7 ,! ,dep>tm5t ( !    
,treasury1 ?r\gh its ,f9ancial ,crimes  
,en=cem5t ,network1 & ! ,commodity      
,futures ,trad+ ,commission h ea*       
publicly id5tifi$ ! hybrid              
romance-&-inve/m5t fraud commonly kn[n z
 pig but*]+--a s*eme ov]:elm+ly op]at$  
by transnational crim9al organizations  

bas$ 9 ,s\!a/ ,asia--z a pr$om9ant ?reat
 to ,am]ican consum]s1 ) losses f       
cryptocurr5cy-relat$ inve/m5t fraud     
alone rea*+ an e/imat$ #e1hjj1jjj1jjj 9 
#bjbd4  7#g7 ,cryptocurr5cy kiosks1     
commonly ref]r$ to z ,bitco9 ,a,t,ms1 h 
prolif]at$ across ! ,unit$ ,/ates f     
approximately #d1bej ma*9es 9 ,janu>y   
#bjbj to approximately #cb1jjj ma*9es by
 mid-#bjbd1 conc5trat$ 9 conv5i5ce      
/ores1 gas /ations1 & groc]y /ores      
outside ! sup]visory ar*itecture t      
gov]ns traditional f9ancial in/itutions4
 ,accord+ to ! ,f$]al ,trade            
,commission1 consum]s report$ los+ m ?an
 #fe1jjj1jjj to scams r\t$ ?r\gh ^!     
kiosks 9 ! fir/ six mon?s ( #bjbd alone1
 ) ,am]icans ag$ #fj & old] report+ #ga 
p]c5t ( ^? losses & report+ su* losses  
at a rate m ?an ?ree times t ( y\ng]    
adults4  7#h7 ,gift c>ds rema9 among !  
mo/ common paym5t me?ods dem&$ by       
p]petrators ( romance & confid5ce fraud 
t>get+ old] ,am]icans1 ) scamm]s r\t9ely
 direct+ s5ior victims to pur*ase       

prepaid c>ds--frequ5tly 9 am\nts exce$+ 
#ejj--;at ! *eck\t c\nt]s ( national    
retail]s :ile rema9+ on ! phone ) !     
p]petrator ?r\gh\t ! transaction4  7#i7 
,! ,f9ancial ,crimes ,en=cem5t ,network 
& ,f$]al bank+ regulators h issu$       
ext5sive guidance id5tify+ ! r$-flag    
indicators ( eld] f9ancial exploitation1
 b t guidance rema9s volunt>y1 unev5ly  
adopt$1 & unaccompani$ by mean+ful      
en=cem5t1 leav+ ! s5iors ^: sav+s ^?    
in/itutions hold )\t ! basel9e          
protection t comp>able                  
anti-money-laund]+ & fraud-prev5tion    
frameworks r\t9ely af=d 9 o!r contexts4 
7#aj7 ,congress has an endur+ obligation
 to ! ,am]icans :o h sp5t _! work+ lives
 contribut+ to ,social ,security &      
,m$ic>e1 & :o h entru/$ _! life sav+s to
 ?is ,nation's f9ancial in/itutions1 to 
ensure t ^? in/itutions & ! retail]s t  
s]ve z paym5t conduits are requir$ to   
detect & report1 & enc\rag$ to disrupt1 
! fraud s*emes t are /ripp+ old]        
,am]icans ( ! retirem5t !y h e>n$4  #c4 

,enhanc$ ef=ts to combat romance fraud  
t>get+ individuals age #fj or old]  7a7 
,enhanc$ crim9al p5alties = c]ta9       
romance fraud  7#a7 ,9 g5]al ,*apt] #fc 
( "p ,i ( title #ah1 ,unit$ ,/ates      
,code1 is am5d$ by add+ at ! end !      
foll[+3  #acec4 ,enhanc$ p5alties =     
c]ta9 romance fraud  7a7 ,9 g5]al ,a    
p]son :o is convict$ ( an (f5se "u      
section #acda1 #acdb1 #acdc1 or #acdd t 
is committ$ 9 fur!rance ( a romance     
fraud t>get+ an individual :o1 at any "t
 dur+ ! p]iod ( su* fraud1 is age #fj or
 old]-- 7#a7 %all be imprison$ = a t]m (
 up to #aj ye>s 9 addition to any t]m ( 
imprisonm5t impos$ = su* (f5se2 &  7#b7 
%all be f9$ n m ?an #a1jjj1jjj 9        
addition to any f9e impos$ = su* (f5se4 
7b7 ,def9ition ,9 ?is section1 ! t]m    
romance fraud means a s*eme 9 :i* an    
individual e/abli%es a romantic or o!r  
intimate relation%ip ) ano!r individual 
= ! prim>y purpose ( defraud+ su* o!r   
individual4  4  7#b7 ,con=m+ am5dm5t ,! 
table ( sections = su* *apt] is am5d$ by

 add+ at ! end ! foll[+3  #acec4        
,enhanc$ p5alties = c]ta9 romance fraud4
  4  7b7 ,tra9+ = cov]$ f9ancial        
in/itutions & cov]$ retail]s  7#a7 ,9   
g5]al ,! ,attorney ,g5]al1 act+ ?r\gh ! 
,director ( ! ,f$]al ,bureau (          
,inve/igation1 %all develop & implem5t  
programs-- 7,a7 to tra9 cov]$ f9ancial  
in/itutions reg>d+-- 7i7 me?ods =       
id5tify+ & prev5t+ romance fraud t>get+ 
s5ior cu/om]s2 &  7ii7 /rategies =      
educat+ s5ior cu/om]s ( su* cov]$       
f9ancial in/itutions reg>d+ romance     
fraud2 &  7,b7 to tra9 employees ( cov]$
 retail]s to int]v5e :5 a s5ior cu/om]  
pur*ases a gift c>d ) a value great] ?an
 #ejj by-- 7i7 provid+ su* cu/om] ) oral
 & writt5 advisories reg>d+ romance     
fraud2  7ii7 recomm5d+ t su* cu/om] call
 ! ,national ,eld] ,fraud ,hotl9e       
ma9ta9$ by ! ,dep>tm5t ( ,ju/ice2 &     
7iii7 at su* cu/om]'s reque/1 provid+   
su* cu/om] ) reasonable assi/ance 9     
call+ su* ,national ,eld] ,fraud        
,hotl9e4  7#b7 ,sample writt5 advisory  

,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ?is ,act1 ! ,f$]al ,trade    
,commission %all publi% a sample writt5 
advisory = use "u p>agraph 7#a77;,b77i74
  7c7 ,requirem5ts = cov]$ f9ancial     
in/itutions  7#a7 ,m&atory report+ ,ea* 
cov]$ f9ancial in/itution %all report to
 ! ,secret>y ( ! ,treasury any ( !      
foll[+ ev5ts3 7,a7 ,an acc\nt belong+ to
 a s5ior cu/om] %[s-- 7i7 unusual *anges
 9 contact in=mation2  7ii7 new         
connections to emails1 phone numb]s1 or 
acc\nts = digital paym5ts or = ! trad+ (
 digital assets t may be controll$ by   
individuals or entities outside ! ,unit$
 ,/ates2  7iii7 unusual or frequ5t l>ge 
)drawals or wire transf]s1 includ+      
)drawals f an automat$ tell] ma*9e2     
7iv7 unusual or frequ5t non-suffici5t   
fund activity2  7v7 unusual or frequ5t  
nonpaym5t = s]vices2  7vi7 unusual debit
 c>d transactions2 or  7vii7 o!r unusual
 activity4  7,b7 ,a s5ior cu/om]-- 7i7  
appe>s-- 7,i7 di/ress$2  7,,ii7 fe>ful2 
7,,iii7 anxi\s to foll[ ! directions (  

ano!r individual2 or  7,,iv7 unable to  
answ] basic que/ions ab\t acc\nt        
activity associat$ ) su* s5ior cu/om]2  
7ii7 m5tions t an onl9e fri5d or        
romantic p>tn] is ask+ su* s5ior cu/om] 
to-- 7,i7 receive & =w>d money2 or      
7,,ii7 op5 a bank acc\nt = a bus9ess    
opportunity2  7iii7 appe>s1 dur+ a      
transaction1 to be tak+ direction f     
ano!r individual ) :om su* s5ior cu/om] 
is speak+ on a cell phone2  7iv7 m5tions
 a ne$ to s5d money imm$iately due to a 
purport$ em]g5cy ( a lov$ "o :5 ! acc\nt
 int5d$ to receive su* money belongs to 
a p]son t appe>s to be unrelat$ to su*  
s5ior cu/om]2  7v7 expresses a fe> ( be+
 evict$ or be+ plac$ 9 a nurs+ home if  
su* s5ior cu/om] does n s5d money to    
ano!r individual2  7vi7 lacks k ab\t su*
 s5ior cu/om]'s f9ancial /atus2  7vii7  
%[s a sudd5 reluctance to discuss       
f9ancial matt]s2  7viii7 pur*ases l>ge  
numb]s (-- 7,i7 gift c>ds2 or  7,,ii7   
prepaid access c>ds2  7ix7 demon/rates  
int]e/ 91 or engages 9 transactions     

relat+ to1 digital assets 9 a mann] t   
deviates f su* cu/om]'s previ\s behavior
 ) respect to su* assets2  7x7 s5ds     
multiple *ecks or wire transf]s )       
suspici\s descriptions1 includ+-- 7,i7  
te* support s]vices2  7,,ii7 w9n+s2 &   
7,,iii7 taxes2  7xi7 receives & transf]s
 money to an individual ) :om su* s5ior 
cu/om] has nev] int]act$ face-to-face2  
7xii7 closes an acc\nt )\t reg>d to     
p5alties2 or  7xiii7 sudd5ly *anges     
f9ancial managem5t or e/ate plann+      
arrangem5ts4  7,c7 ,an individual-- 7i7 
%[s excessive int]e/ 9 a s5ior cu/om]'s 
f9ances or assets2  7ii7 attempts to    
prev5t an employee ( su* f9ancial       
in/itution f speak+ directly ) a s5ior  
cu/om]2 or  7iii7 attempts to conduct   
f9ancial transactions on behalf ( a     
s5ior cu/om] )\t prop] au?ority4  7#b7  
,cont5t ( reports ,a cov]$ f9ancial     
in/itution submitt+ a report "u p>agraph
 7#a7 %all include 9 su* report !       
foll[+3 7,a7 ,! "n & contact in=mation (
 any employee ( su* cov]$ f9ancial      

in/itution :o obs]v$ ! ev5t lead+ to su*
 report4  7,b7 ,! age ( ! s5ior cu/om]  
involv$ 9 su* ev5t4  7,c7 ,! city &     
,/ate ( resid5ce ( su* s5ior cu/om]4    
7,d7 ,any contact in=mation ( su* s5ior 
cu/om] t is kn[n to su* cov]$ f9ancial  
in/itution4  7,e7 ,! am\nts involv$ 9   
any transactions relat$ to su* ev5t4    
7,f7 ,a description ( ! response to su* 
ev5t und]tak5 by su* cov]$ f9ancial     
in/itution1 includ+-- 7i7 :e!r su* cov]$
 f9ancial in/itution clos$ any acc\nt 9 
response to su* ev5t2  7ii7 :e!r su*    
cov]$ f9ancial in/itution provid$ a w>n+
 to su* s5ior cu/om] t su* s5ior cu/om] 
may h be5 ! victim ( fraud2  7iii7 :e!r 
su* s5ior cu/om] 0 prohibit$ f initiat+ 
new transactions2 &  7iv7 :e!r su*      
f9ancial in/itution has refund$ to su*  
cu/om] any am\nts involv$ 9 a           
transaction relat$ to su* ev5t4  7,g7   
,docum5tation ( su* ev5t1 includ+-- 7i7 
any relevant photographs2 &  7ii7 any   
relevant video footage4  7,h7 ,! "n (   
any law en=cem5t ag5cy to :i* su* cov]$ 

f9ancial in/itution report$ su* ev5t4   
7#c7 ,o!r requirem5ts  7,a7 ,enhanc$    
int]nal controls ,ea* cov]$ f9ancial    
in/itution %all e/abli% proc$ures to    
mitigate romance fraud t>get+ s5ior     
cu/om]s includ+-- 7i7 transaction       
monitor+ proc$ures2  7ii7 proc$ures t   
enable a s5ior cu/om] to designate an   
individual :o may be contact$ if su*    
cov]$ f9ancial in/itution suspects t su*
 s5ior cu/om] may h be5 a victim (      
romance fraud2  7iii7 proc$ures = ref]r+
 a s5ior cu/om] :o may h be5 a victim ( 
romance fraud to ! ,national ,eld]      
,fraud ,hotl9e ma9ta9$ by ! ,dep>tm5t ( 
,ju/ice2 &  7iv7 proc$ures = receiv+ &  
respond+ to reports relat+ to a romance 
fraud t>get+ a s5ior cu/om]4  7,b7      
,employee tra9+ ,ea* cov]$ f9ancial     
in/itution %all provide tra9+ =         
employees ( su* cov]$ f9ancial          
in/itution relat+ to romance fraud      
t>get+ s5ior cu/om]s1 :i* %all include  
tra9+ on-- 7i7 detect+ & prev5t+ su*    
romance fraud1 includ+ detect+ ! ev5ts  

describ$ 9 p>agraph 7#a72 &  7ii7       
appropriate actions to take ^u obs]v+   
su* romance fraud1 includ+ obs]v+ an    
ev5t describ$ 9 p>agraph 7#a74  7,c7    
,report+ to law en=cem5t ag5cies ,ea*   
cov]$ f9ancial in/itution %all provide  
in/ructions to s5ior cu/om]s ( su* cov]$
 f9ancial in/itution = report+ romance  
fraud t>get+ su* cu/om]s to-- 7i7 local 
law en=cem5t ag5cies2  7ii7 ! ,f$]al    
,trade ,commission2  7iii7 ! ,int]net   
,crime ,compla9t ,c5t] ( ! ,f$]al       
,bureau ( ,inve/igation2  7iv7 ! ,unit$ 
,/ates ,po/al ,inspection ,s]vice2  7v7 
! ,social ,security ,adm9i/ration2 &    
7vi7 o!r appropriate ,f$]al1 ,/ate1 &   
local gov]nm5t ag5cies4  7,d7 ,in=mation
 conc]n+ romance fraud ,ea* cov]$       
f9ancial in/itution %all provide to     
s5ior cu/om]s ( su* cov]$ f9ancial      
in/itution in=mation conc]n+-- 7i7 tr5d+
 romance frauds2 &  7ii7 me?ods = avoid+
 su* tr5d+ frauds4  7d7 ,civil p5alty   
7#a7 ,9 g5]al ,ea* cov]$ bank+ ag5cy may
 br+ a civil action = a p5alty 9 an     

am\nt n to exce$ #ej1jjj = ea* violation
 ( subsection 7c74  7#b7 ,safe h>bor ,no
 cov]$ f9ancial in/itution or employee  
!re( %all be liable 9 any civil action  
"u p>agraph 7#a7 = actions tak5 9       
good-fai? reliance on policies or       
proc$ures ( su* cov]$ f9ancial          
in/itution t are reasonably design$ to  
comply ) ! requirem5ts ( subsection 7c74
  7#c7 ,effective date ,?is subsection  
%all take effect on ! date t is #a ye>  
aft] ! date ( enactm5t ( ?is ,act4  7e7 
,/udy on romance fraud rem$ies ,n lat]  
?an #ahj days aft] ! date ( enactm5t (  
?is ,act1 ! ,comptroll] ,g5]al ( !      
,unit$ ,/ates %all conduct a /udy on--  
7#a7 exi/+ rem$ies available to a victim
 ( romance fraud2  7#b7 situations t are
 n address$ by ! rem$ies ref]r$ to 9    
p>agraph 7#a72  7#c7 ! feasibility (    
exp&+ access to ! ,crime ,victims ,fund 
= victims ( romance fraud2 &  7#d7      
options = new ,f$]al & ,/ate programs to
 support victims ( romance fraud4  7f7  
,rule mak+  7#a7 ,9 g5]al ,n lat] ?an   

#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y ( ! ,treasury1 9      
consultation ) ea* cov]$ bank+ ag5cy1   
%all issue a rule to e/abli% m9imum     
/&>ds = compliance ) ! requirem5ts "u   
subsection 7c74  7#b7 ,risk &           
proportionality requirem5ts ,! /&>ds "u 
p>agraph 7#a7 %all acc\nt =-- 7,a7      
diff]5ces among cov]$ f9ancial          
in/itutions 9 ! risks fac$ by s5ior     
cu/om]s ( su* in/itutions ( becom+      
victims ( a romance fraud2 &  7,b7      
diff]5ces 9 size among cov]$ f9ancial   
in/itutions4  7g7 ,guidance ,n lat] ?an 
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y ( ! ,treasury1 9      
consultation ) ea* cov]$ bank+ ag5cy1   
%all issue guidance-- 7#a7 describ+ be/ 
practices = prev5t+ & disrupt+ romance  
fraud2 &  7#b7 enc\rag+ cov]$ f9ancial  
in/itutions to use transaction holds &  
disbursem5t delays to prev5t f9ancial   
losses to s5ior cu/om]s due to romance  
fraud4  7h7 ,def9itions ,9 ?is section3 
7#a7 ,cov]$ f9ancial in/itution ,! t]m  

cov]$ f9ancial in/itution means-- 7,a7 )
 respect to a ,f$]al bank+ ag5cy1 an    
in/itution = :i* su* ,f$]al bank+ ag5cy 
is ! appropriate ,f$]al bank+ ag5cy 7z  
def9$ 9 section #c ( ! ,f$]al ,deposit  
,insurance ,act 7#ab ,u4,s4,c4 #ahac772 
7,b7 ) respect to ! ,bureau ( ,consum]  
,f9ancial ,protection1 a cov]$ p]son 7z 
def9$ 9 section #ajjb ( ! ,consum]      
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edha772  7,c7 ) respect to ! 
,national ,cr$it ,union ,adm9i/ration1  
an insur$ cr$it union 7z def9$ 9 section
 #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab
 ,u4,s4,c4 #ageb772 &  7,d7 a provid] ( 
digital assets4  7#b7 ,cov]$ bank+ ag5cy
 ,! t]m cov]$ bank+ ag5cy means-- 7,a7 a
 ,f$]al bank+ ag5cy2  7,b7 ! ,bureau (  
,consum] ,f9ancial ,protection2  7,c7 ! 
,national ,cr$it ,union ,adm9i/ration2 &
  7,d7 ! ,commodity ,futures ,trad+     
,commission4  7#c7 ,cov]$ retail] ,! t]m
 cov]$ retail] means any retail] ) #ejj 
or m full-"t equival5t employees4  7#d7 
,digital asset ,! t]m digital asset     

means any digital repres5tation ( value 
t is record$ on a cryptographically     
secur$ di/ribut$ l$g]4  7#e7 ,f$]al     
bank+ ag5cy ,! t]m ,f$]al bank+ ag5cy   
has ! mean+ giv5 su* t]m 9 section #c ( 
! ,f$]al ,deposit ,insurance ,act 7#ab  
,u4,s4,c4 #ahac74  7#f7 ,romance fraud  
,! t]m romance fraud a s*eme 9 :i* an   
individual e/abli%es a romantic or o!r  
intimate relation%ip ) ano!r individual 
= ! prim>y purpose ( defraud+ su* o!r   
individual4  7#g7 ,s5ior cu/om] ,! t]m  
s5ior cu/om] means a cu/om] :o is age   
#fj or old] at ! "t ( an ev5t t giv+    
rise to a report+ obligation "u ?is     
section4