Sec. 6. Illegal money services businesses
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/bill/118/s/3643/is/section-6A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1960 of title 18, United States Code, is amended by striking subsections
(a)and
(b)and inserting the following: Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of a covered money services business described under paragraph
(2)shall be punished as provided in subsection (b). A covered money services business described in this paragraph is a covered money services business that— is operated without an appropriate license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the person knows that the operation is required to be licensed or that the operation is so punishable; fails to comply with the money services business registration requirements under section 5330 of title 31, or regulations prescribed under that section, whether or not the person knows that the operation is required to comply with those registration requirements; or otherwise engages in a transaction involving funds that the person knows have been derived from a criminal offense or are intended to be used to promote or support unlawful activity. Any person who violates— subsection
(a)shall be fined in accordance with this title, imprisoned for not more than 5 years, or both; or subsection
(a)by conducting, controlling, managing, supervising, directing, or owning all or part of a covered money services business that engaged in activity as a covered money services business involving more than $1,000,000 during a 12-month period, or by engaging in a transaction or transactions involving more than $1,000,000 during a 12-month period, shall be fined double the amount provided in subsection (b)(3) or (c)(3) (as applicable) of section 3571, imprisoned for not more than 10 years, or both. In this section— the term covered money services business means a money services business that— operates on behalf of the public; and affects interstate or foreign commerce in any manner or degree; the term money services business — has the meaning given the term in section 5330 of title 31 and any regulations prescribed under that section; and includes a person that engages in the transfer, transportation, or exchange of currency, funds, or value that substitutes for currency by any and all means, even when not performed for profit; and the term State means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States. . Section 1960 of title 18, United States Code, is amended in the section heading— by striking and inserting unlicensed ; and illegal by striking and inserting transmitting . services The table of sections for chapter 95 of title 18, United States Code, is amended by striking the item relating to section 1960 and inserting the following: 1960. Prohibition of illegal money services businesses. . Section 5330 of title 31, United States Code, is amended— in the section heading, by striking and inserting transmitting ; services in subsection (c)— in the subsection heading, by striking and inserting transmitting ; services in paragraph (1), in the paragraph heading, by striking and inserting transmitting ; and services in paragraph (2), in the paragraph heading, by striking and inserting transmitting ; and services in subsection (d)(1), in the paragraph heading, by striking and inserting transmitting . services Section 5330 of title 31, United States Code, is amended— by striking money transmitting business each place that term appears and inserting money services business ; and in subsection (a)(3), by striking money transmitting businesses and inserting a money services business . Section 5336(a)(11)(B)(vi) of title 31, United States Code, is amended by striking money transmitting business and inserting money services business . Section 5362 of title 31, United States Code, is amended— by striking money transmitting business each place that term appears and inserting money services business ; and in paragraph (11)(E), in the subparagraph heading, by striking and inserting transmitting . services Section 5363(2) of title 31, United States Code, is amended by striking money transmitting business and inserting money services business . The table of sections for subchapter II of chapter 53 of title 31, United States Code, is amended by striking the item relating to section 5330 and inserting the following: 5330. Registration of money services businesses. . Section 21(b)(3)(A) of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b(b)(3)(A) ) is amended— in the matter preceding clause (i), by striking money transmitting businesses and inserting money services businesses (as that term is defined in section 1960 of title 18, United States Code) ; and in clause (ii), by striking money transmitting business and inserting money services business .
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Sec. 6
Illegal money services businesses
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