H.R.4049 - Money Service Business Act of 2008

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 (3)

All Bill Titles

  • Short: Money Service Business Act of 2008 as passed house.
  • 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 2007 as introduced.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
11/01/07
 
07/22/08
 
 
 
 
 

Official Summary

Money Service Business Act of 2008 -Amends federal law governing anti-money laundering programs to provide that an insured depository institution has no obligation to review the compliance with federal anti-money laundering requirements of a money transmitting business for whom it maintains

Official Summary

Money Service Business Act of 2008 -Amends federal law governing anti-money laundering programs to provide that an insured depository institution has no obligation to review the compliance with federal anti-money laundering requirements of a money transmitting business for whom it maintains an account if such institution has on file specified mandatory self-certifications submitted by the money transmitting business.Sets forth civil and criminal penalties for violations of this Act without regard to whether such violations were willful.Shields such institution from liability for the non-compliance of a money transmitting business and its agents with federal anti-money laundering requirements.Prescribes requirements for self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements (including its agents).Directs the Secretary of the Treasury to prescribe implementing regulations.

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