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