H2191B3511A10404     LKK:BTW  05/16/12     #90        A10404

AMENDMENTS TO HOUSE BILL NO. 2191

Sponsor: REPRESENTATIVE STURLA

Printer's No. 3511

Amend Bill, page 25, by inserting between lines 1 and 2

§ 5129.1.  Anti-money laundering requirements.

A person licensed by the department under this act shall:

(1)  Comply with all Federal and State statutes and rules

relating to the detection and prevention of money laundering,

including 31 CFR §§ 103.20 (relating to reports by money

services businesses of suspicious transactions), 103.22

(relating to reports of transactions in currency), 103.23

(relating to reports of transportation of currency or

monetary instruments), 103.27 (relating to filing of

reports), 103.28 (relating to identification required),

103.29 (relating to purchases of bank checks and drafts,

cashier's checks, money orders and traveler's checks), 103.33

(relating to records to be made and retained by financial

institutions), 103.37 (relating to additional records to be

made and retained by currency dealers or exchangers) and

103.41 (relating to registration of money services

businesses).

(2)  Maintain an anti-money laundering program in

accordance with 31 CFR § 103.125 (relating to anti-money

laundering programs for money services businesses). The

program must be reviewed and updated as necessary to ensure

that it continues to be effective in detecting and deterring

money laundering activities in the licensee's short-term loan

business.

(3)  Comply with United States Treasury Interpretive

Release 2004-1.