REGISTRATION OF MONEY TRANSMITTING BUSINESSES TO PROMOTE EFFECTIVE LAW ENFORCEMENT.

SEC. 408. REGISTRATION OF MONEY TRANSMITTING BUSINESSES TO PROMOTE EFFECTIVE LAW ENFORCEMENT. (a) [31 U.S.C. 5330 nt] Findings and Purposes.— (1) Findings.—The Congress hereby finds the following: (A) Money transmitting businesses are subject to the recordkeeping and reporting requirements of subchapter II of chapter 53 of title 31, United States Code. (B) Money transmitting businesses are largely unregulated businesses and are frequently used in sophisticated schemes to— (i) transfer large amounts of money which are the proceeds of unlawful enterprises; and (ii) evade the requirements of such subchapter II, the Internal Revenue Code of 1986, and other laws of the United States. (C) Information on the identity of money transmitting businesses and the names of the persons who own or control, or are officers or employees of, a money transmitting business would have a high degree of usefulness in criminal, tax, or regulatory investigations and proceedings. (2) Purpose.—It is the purpose of this section to establish a registration requirement for businesses engaged in providing check cashing, currency exchange, or money transmitting or remittance services, or issuing or redeeming money orders, travelers' checks, and other similar instruments to assist the Secretary of the Treasury, the Attorney General, and other supervisory and law enforcement agencies to effectively enforce the criminal, tax, and regulatory laws and prevent such money transmitting businesses from engaging in illegal activities.[Subsections (b), (c), and (d) amended other laws.]