Bill > SB1124

This bill creates new provisions in Missouri law that require money transmission licensees to verify that senders of international money transfers (called "foreign remittance transfers") are not "unauthorized aliens," which is defined as individuals unlawfully present in the United States according to federal immigration law. Licensees must maintain detailed records of each transfer, including documentation proving the sender's legal status, and submit these records to state authorities quarterly. If a licensee initiates a transfer without properly verifying the sender's immigration status, they will be required to pay a penalty equal to 25% of the transferred amount. The bill also establishes a complaint mechanism where individuals can report potential violations, with penalties for filing false complaints. Starting July 1, 2027, the state division responsible for licensing will conduct random quarterly audits to ensure compliance, and repeated failures to comply could result in license suspension. The bill aims to prevent money transmission services from facilitating financial transactions for individuals who are not legally present in the United States.

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https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=335