Should've recorded it and sent it to Crytek. Cheaters get banned fairly quickly, their whole Origin ID gets banned. You, as a player, can greatly help keep things clean by at least noting down their name, time and server they were playing on.
It also helps discourage cheaters further down the road, especially if it's the same person trying again.
Enough of this "omg cheating biches everywhere" talk, there are vastly fewer cheaters than players think.
If it's something extremely obvious like cloaking/spotting in Cell vs Rebel then those guys should be getting banned within minutes...assuming you report them
The automatic ban system must also be working, but some slip through the net.