U.S. Congress - H.R.2893 Money Service Business Act of 2009
H.R.2893 - Money Service Business Act of 2009
To amend section 5318 of title 31, United States Code, to eliminate regulatory burdens imposed on insured depository institutions and money services businesses and enhance the availability of transaction accounts at depository institutions for such business, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend section 5318 of title 31, United States Code, to eliminate regulatory burdens imposed on insured depository institutions and money services businesses and enhance the availability of transaction accounts at depository institutions for such business, and for other purposes. as introduced.
- Short: Money Service Business Act of 2009 as introduced.
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Official Summary
6/16/2009--Introduced.Money Service Business Act of 2009 - Revises certain requirements for anti-money laundering programs with respect to federally insured depository institutions. Declares that, if such institutions have on file specified mandatory self-certifications submitted by a moneOfficial Summary
6/16/2009--Introduced.Money Service Business Act of 2009 - Revises certain requirements for anti-money laundering programs with respect to federally insured depository institutions. Declares that, if such institutions have on file specified mandatory self-certifications submitted by a money transmitting business for which the institutions maintain an account, the institutions have no obligation to review the compliance of the money transmitting business with federal anti-money laundering requirements. Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful. Shields an institution from liability for the noncompliance of a money transmitting business with federal anti-money laundering requirements. Prescribes requirements for a self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements....Read the Rest
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