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self-certification process established pursuant to this 
Act. 
SEC. 3. SELF-CERTIFICATION PROCESS FOR MONEY SERV-
ICES BUSINESSES ESTABLISHED. 
(a) IN GENERAL.—Section 5318(h) of title 31, 
United States Code, is amended by adding at the end the 
following new paragraphs: 
‘‘(4) MONEY
TRANSMITTING
BUSINESS
AC-
COUNTS.— 
‘‘(A) IN
GENERAL.—A federally insured 
depository institution that maintains an account 
for a money transmitting business (as defined 
in section 5330(d)(1)) shall have no obligation 
to review the compliance of that business, or 
any agent thereof, with that business’s or 
agent’s obligations under this section, if the in-
stitution has on file— 
‘‘(i) a certification submitted by the 
money transmitting business that meets 
the requirements of paragraph (5)(A); or 
‘‘(ii) in the case of an agent of a 
money transmitting business— 
‘‘(I) the certification required 
under paragraph (5)(B); and 
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‘‘(II) a certification from the 
business that the named agent is au-
thorized to act as the principal’s 
agent. 
‘‘(B) PENALTIES.— 
‘‘(i) CIVIL
PENALTIES.—A money 
transmitting business or an agent of any 
such business making a material misrepre-
sentation in a certification referred to in 
subparagraph (A) shall be subject to the 
civil penalties prescribed under section 
5321 without regard to whether such viola-
tion was willful. 
‘‘(ii) CRIMINAL
PENALTIES.—A per-
son who knowingly makes a material mis-
representation in a certification referred to 
in subparagraph (A) shall be subject to 
penalties prescribed under section 5322 
without regard to whether such violation 
was willful. 
‘‘(C) RULE OF CONSTRUCTION.—No provi-
sion of this paragraph shall be construed as re-
quiring any federally insured depository institu-
tion to establish, maintain, administer or man-
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HR 4049 RFS 
age an account for a money transmitting busi-
ness or an agent of any such business. 
‘‘(D) RELIANCE
FOR
INSURED
DEPOSI-
TORY INSTITUTIONS.—A federally insured de-
pository institution shall have no liability under 
this chapter for the failure of any money trans-
mitting business or an agent of any such busi-
ness to comply with any provision of this sec-
tion and regulations prescribed under any such 
provision. 
‘‘(E) FEDERALLY
INSURED
DEPOSITORY 
INSTITUTION
DEFINED.—The term ‘federally 
insured depository institution’ means any in-
sured depository institution (as defined in sec-
tion 3 of the Federal Deposit Insurance Act) 
and any insured credit union (as defined in sec-
tion 101(7) of the Federal Credit Union Act). 
‘‘(5) PARAGRAPH (4) CERTIFICATION.— 
‘‘(A) MONEY TRANSMITTING BUSINESS.— 
A certification by a money transmitting busi-
ness meets the requirement of paragraph (4) if 
the money transmitting business certifies as fol-
lows, to the satisfaction of the Secretary: 
‘‘(i) The business is in compliance 
with paragraph (1) and regulations pre-
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scribed by the Secretary under such para-
graph. 
‘‘(ii) The business maintains an anti- 
money laundering program covering all of 
the identified capacities through which the 
business acts as a money transmitting 
business that includes the components of 
the program specified in subparagraphs 
(A) through (D) of paragraph (1). 
‘‘(iii) The business is licensed or reg-
istered as a money transmitting business 
by each State— 
‘‘(I) within which the business 
operates as a money transmitting 
business; and 
‘‘(II) which requires such licens-
ing or registration. 
‘‘(iv) The business is registered with 
the Secretary in accordance with section 
5330, and regulations prescribed under 
such section, and remains in full compli-
ance with such section and regulations. 
‘‘(B) AGENTS OF A MONEY TRANSMITTING 
BUSINESS.—A certification by an agent of a 
money transmitting business meets the require-
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ment of paragraph (4) if the agent certifies as 
follows, to the satisfaction of the Secretary: 
‘‘(i) The agent is an agent of a money 
transmitting business that meets the re-
quirements of clauses (i) through (iv) of 
subparagraph (A). 
‘‘(ii) If applicable, the agent appears 
on the list of agents of the money trans-
mitting business maintained by the busi-
ness pursuant to section 5330(c)(1). 
‘‘(iii) The agent— 
‘‘(I) operates as an agent for a 
money transmitting business pursuant 
to a written contract; 
‘‘(II) will act honestly and in 
compliance with all applicable laws 
when conducting any business as an 
agent for a money transmitting busi-
ness; and 
‘‘(III) will immediately notify any 
federally insured depository institution 
to which the certification is submitted 
of the occurrence of any material 
change in the relationship of the 
agent with the money transmitting 
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business, including termination or 
suspension, or the institution of any 
criminal or administrative proceeding 
commenced against the agent. 
‘‘(iv) The agent is licensed or reg-
istered as a money transmitting business, 
or as an agent of such business, by any 
State— 
‘‘(I) within which the agent oper-
ates as an agent of a money transmit-
ting business; and 
‘‘(II) which requires any such li-
censing or registration. 
‘‘(v) The agent is not required to be 
registered with the Secretary as a money 
transmitting business pursuant to regula-
tions prescribed by the Secretary under 
section 5330(c)(2).’’. 
(b) REGULATIONS.—The Secretary of the Treasury 
shall prescribe such regulations as the Secretary deter-
mines to be appropriate to implement the amendments 
made by subsection (a), in final form, before the end of 
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the 120-day period beginning on the date of the enactment 
of this Act. 
Passed the House of Representatives July 22, 2008. 
Attest: 
LORRAINE C. MILLER, 
Clerk. 
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