Money Service Business Act of 2008

Bill: 110-hr-4049
Sponsor: Rep. Maloney, Carolyn B. [D-NY-14]
Introduced: 2007-11-01 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative procedure
Bank records
Commerce
Crime and Law Enforcement
Crime prevention
Department of the Treasury
Financial institutions
Fines (Penalties)
Government Operations and Politics
Government paperwork
Law
Liability (Law)
Money laundering

Summary:
action_date: 2007-11-01
text: 
 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.

action_date: 2008-07-22
text: 
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.


Legislative actions:
action_date: 2008-07-23
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2008-07-22
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2008-07-22
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H6775-6776)
action_date: 2008-07-22
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H6775-6776)
action_date: 2008-07-22
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4049.
action_date: 2008-07-22
text: Considered under suspension of the rules. (consideration: CR H6775-6777)
action_date: 2008-07-22
text: Mrs. Maloney (NY) moved to suspend the rules and pass the bill, as amended.
action_date: 2008-06-24
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2008-06-24
text: Committee Consideration and Mark-up Session Held.
action_date: 2007-11-01
text: Referred to the House Committee on Financial Services.
action_date: 2007-11-01
text: Introduced in House
action_date: 2007-11-01
text: Introduced in House