H.R. 4049 · 110th Congress
Money Service Business Act of 2007
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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 110th Congress ended.
D
MaloneySponsor3 cosponsors · 1 D, 2 R
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
- House Introduced Nov 1, 2007
- House Passed Jul 22, 2008
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…
What it does: CRS summary · Passed House amended · Jul 22, 2008
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Money Service Business Act of 2008
Latest action (Jul 23, 2008): Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 1, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
- House Introduced Nov 1, 2007
- House Passed Jul 22, 2008
No recorded floor vote found.