I 
111TH CONGRESS 
1ST SESSION H. R. 2893 
To amend section 5318 of title 31, United States Code, to eliminate regu-
latory 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. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 16, 2009 
Mrs. MALONEY (for herself, Mr. BACHUS, Mr. GUTIERREZ, Mr. HENSARLING, 
and Mrs. BIGGERT) introduced the following bill; which was referred to 
the Committee on Financial Services 
A BILL 
To amend section 5318 of title 31, United States Code, 
to eliminate regulatory burdens imposed on insured de-
pository institutions and money services businesses and 
enhance the availability of transaction accounts at depos-
itory institutions for such business, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Money Service Busi-
ness Act of 2009’’. 
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SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) Check cashers, money transmitters, and 
other legally authorized and regulated money trans-
mitting businesses (also designated as money serv-
ices businesses) provide a wide range of necessary fi-
nancial services and products to customers from all 
walks of life, including the under-banked and urban 
communities. 
(2) Those services include domestic and inter-
national funds transfers, check cashing, money order 
and traveler’s check sales, and electronic bill pay-
ments. 
(3) Regulatory guidance issued by, and expecta-
tions of, the Federal banking agencies and the Sec-
retary of the Treasury urge insured depository insti-
tutions to conduct reviews of money services busi-
nesses’ anti-money laundering compliance programs, 
placing such depository institutions in the position of 
quasi-regulators. 
(4) Consequently, many insured depository in-
stitutions have refused or closed money services 
businesses’ accounts in order either not to incur the 
burden, risk or potential liability for undertaking a 
de facto regulatory function, or else to avoid super-
visory sanctions for not exercising such oversight. 
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(5) This trend endangers the existence of legiti-
mate, regulated money services businesses’ industry 
and the ability of such businesses to deliver financial 
services and products. 
(6) Loss of depository institution accounts by 
money services businesses threatens to drive the cus-
tomer transactions of such businesses underground 
through unregulated channels, including bulk cash 
smuggling or other means. 
(7) It is critical to the interests of national se-
curity that transparency of money services busi-
nesses’ transactions be maintained by ensuring such 
businesses have a reasonable process to demonstrate 
to insured depository institutions the compliance by 
such businesses with anti-money laundering and 
counter-terrorism financing obligations. 
(8) Money services businesses are subject to 
Federal money laundering and terrorist financing 
control programs and reporting requirements as en-
forced by State and Federal regulators, including 
the Secretary of the Treasury, which are authorized 
to conduct compliance oversight and to impose sanc-
tions through licensing, registration or other powers. 
(9) These State and Federal regulators have 
committed to coordinate their supervision and en-
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forcement of such money services businesses’ obliga-
tions. 
(10) Insured depository institutions and Fed-
eral banking regulators should be able to rely on a 
regulatory process for conducting oversight of money 
services businesses’ compliance with subchapter II of 
chapter 53 of title 31, United States Code, as well 
as on a process of self-certification by legitimate 
money services businesses that attest to such compli-
ance. 
(11) Accordingly, to eliminate regulatory bur-
den imposed on insured depository institutions and 
promote access by money services businesses to the 
banking system and to give full recognition to Fed-
eral and State agency authority to supervise and en-
force money services businesses’ compliance with 
anti-money laundering and counter-terrorism financ-
ing obligations and their implementing regulations, 
it is appropriate and necessary to provide for the 
self-certification process established pursuant to this 
Act. 
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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 
‘‘(II) a certification from the 
business that the named agent is au-
thorized to act as the principal’s 
agent. 
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‘‘(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-
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 
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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-
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 
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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 
business, including termination or 
suspension, or the institution of any 
criminal or administrative proceeding 
commenced against the agent. 
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‘‘(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 
the 120-day period beginning on the date of the enactment 
of this Act. 
Æ 
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