Unify the Money Transmission Regulatory Framework Under the Department of the Treasury
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Laws and Regulations, United States Code 18 U.S.C. § 1960: Title 18, Part I, Chapter 95, Section 1960 (Changes)
Current LawChangesProposed Law
(a) Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both.
(b) As used in this section--
(1) the term "unlicensed money transmitting business" means a money transmitting business which affects interstate or foreign commerce in any manner or degree and--
(A) is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
(B) fails to comply with the money transmitting business registration requirements under section 5330 of title 31, United States Code, or regulations prescribed under such section; or
(C) otherwise involves the transportation or transmission of funds that are known to the defendant to have been derived from a criminal offense or are intended to be used to promote or support unlawful activity;
(2) the term "money transmitting" includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier; and
(3) the term "State" means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.
(A) is operated without an appropriate nationwide money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law,issued by the United States Department of the Treasury, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
(2)(D) fails to contribute the term "money transmitting" includes transferringrequisite funds on behalfto a pooled insurance program maintained by {pick one: [the United States Department of the public by anyTreasury][the Federal Deposit Insurance Corporation]}, intended to protect and all means including but not limitedinsure consumer deposits at money transmitters, at a progressive contribution rate proportional to transfers within this country or to locations abroadany funds held in trust by wire, check, draft, facsimile, or courier; andsuch a business.
(3)(2) the term "money transmitting" includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier;
(3) the term "State" means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.States.; and
(4) The United States Department of the Treasury shall issue regulations concerning conditions of licensure including at least a federal criminal background check, digital fingerprinting of corporate officers, information technology security standards, and financial auditing requirements.
(c) Until such time as the United States Department of the Treasury begins issuing nationwide licenses, licensure of a money services business in any State shall constitute a "licensed" money transmitting business for the purposes of this section.
(A) is operated without an appropriate nationwide money transmitting license issued by the United States Department of the Treasury, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
(D) fails to contribute the requisite funds to a pooled insurance program maintained by {pick one: [the United States Department of the Treasury][the Federal Deposit Insurance Corporation]}, intended to protect and insure consumer deposits at money transmitters, at a progressive contribution rate proportional to any funds held in trust by such a business.
(2) the term "money transmitting" includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier;
(3) the term "State" means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.; and
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