Verification for foreign remittance transfers required, and civil and criminal penalties provided.

Summary

The bill would make licensed money transmitters keep records proving that anyone sending a foreign remittance is lawfully present in the United States and would require them to submit verification forms each quarter. It adds a new enforcement scheme with random audits, civil penalties equal to 25% of the transfer amount, and criminal penalties for false complaints. The measure targets money‑transmission businesses that handle cross‑border remittances.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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