 H.R.4049
Money Service Business Act of 2007
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.
 30 Total Points
Summary
Money Service Business Act of 2007 - 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 increased liability for the non-compliance of a money transmitting business with federal anti-money laundering requirements to the extent that the institution itself is in compliance with them. Prescribes requirements for a self-certification by a money transmitting business that it is in compliance with federal anti-money laundering requirements. What do you think?
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Legislation Detail
 Viewed 136 times.
Legislation Slant
Latest Action:
Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking
This action occurred on Wednesday, July 23, 2008 and earned 5 points.
Legislative Progress
Introduced in the House on November 1, 2007
Passed in the House on July 22, 2008
Introduced in the Senate on July 23, 2008
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