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

Summary

The bill adds a new rule that any licensed money transmitter must confirm a sender is lawfully present in the United States before processing a foreign remittance. It also expands record‑keeping requirements to include documentation of that verification and any penalties assessed. The goal is to tighten oversight of cross‑border money transfers and help prevent illegal activity.

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

Topics

Share