Federal RuleAug 21
62
DOL Rewrites Disability Rules for 'Merit-Based Opportunity' Push
RuleLabor DepartmentFederal Contract Compliance Programs OfficeSignificant Wallet
119-hr-3066119th CongressWALLET
FINS Act
Sponsored By: Representative Harrigan, Pat [R-NC-10]
Introduced
Summary
Brings non-bank wire transfer providers into federal anti-money-laundering oversight. The bill would add a legal definition of "wire transfer service provider" to 31 U.S.C. 5312 and require Treasury to issue rules to align remittance firms with anti-money-laundering standards.
Personalized for You
How does this bill affect your finances?
Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
New rules for money transfer companies
This bill would add money transfer companies to anti–money laundering rules, similar to banks. It would cover companies that send money for people or businesses, in the U.S. or abroad. Treasury would have 180 days after enactment to issue rules. The changes would take effect 1 year after enactment. Companies would likely need stronger ID checks and reporting. Customers could see higher fees or more verification, and there could be better protection against fraud and illegal transfers.
Sponsors & CoSponsors
Sponsor
Harrigan, Pat [R-NC-10]
NC • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov