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.
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