South Carolina H5272 mandates financial institutions to verify U.S. citizenship before transferring funds abroad, imposing a fee if the individual is.

South Carolina H5272 amends the state code to require financial institutions to verify the citizenship of individuals before wiring or remitting funds to a foreign country. If the individual is not a U.S. citizen, the financial institution must either prohibit the transfer or charge a fee of one thousand dollars, which is then remitted to the state's general fund. This act aims to ensure compliance with citizenship requirements for international fund transfers.

South Carolina H5272 mandates financial institutions to verify U.S. citizenship before transferring funds abroad, imposing a fee if the individual is.

South Carolina H5272 amends the state code to require financial institutions to verify the citizenship of individuals before wiring or remitting funds to a foreign country. If the individual is not a U.S. citizen, the financial institution must either prohibit the transfer or charge a fee of one thousand dollars, which is then remitted to the state's general fund. This act aims to ensure compliance with citizenship requirements for international fund transfers.