Minnesota SF4838 mandates verification of lawful U.S. presence for foreign remittance transfers and sets penalties for non-compliance.

Minnesota SF4838 amends state law to require money transmission licensees to verify the lawful presence of senders before initiating foreign remittance transfers. Licensees must accept specific documentation to confirm the sender's lawful status. The bill mandates record-keeping for three years, including details of money transmission obligations, general ledgers, and bank statements. The commissioner conducts quarterly audits to ensure compliance, with a maximum of one audit every two years unless a previous audit found non-compliance.

Minnesota SF4838 mandates verification of lawful U.S. presence for foreign remittance transfers and sets penalties for non-compliance.

Minnesota SF4838 amends state law to require money transmission licensees to verify the lawful presence of senders before initiating foreign remittance transfers. Licensees must accept specific documentation to confirm the sender's lawful status. The bill mandates record-keeping for three years, including details of money transmission obligations, general ledgers, and bank statements. The commissioner conducts quarterly audits to ensure compliance, with a maximum of one audit every two years unless a previous audit found non-compliance.