Connecticut Senate Bill SB00782

Connecticut 2017 Regular Session

• Introduced: 2/3/17
• Refer: 2/3/17

Caption

An Act Requiring Money Transmission Licensees To Comply With The Currency And Foreign Transactions Reporting Act.

Impact

If enacted, SB00782 will amend existing state statutes to explicitly require money transmission licensees to adhere to federal compliance measures. This change is anticipated to bolster regulatory enforcement against financial crimes and could lead to stronger collaboration between state and federal agencies in monitoring transactions. The effective date for this legislation is set for October 1, 2017, allowing time for licensees to implement necessary operational adjustments to meet these new compliance standards.

Summary

SB00782 is a legislative proposal aimed at requiring money transmission licensees to comply with the Currency and Foreign Transactions Reporting Act. This act emphasizes the importance of ensuring that licensees assist federal agencies in detecting and preventing money laundering activities. By aligning state regulations with federal standards, the bill seeks to enhance the oversight and regulatory framework surrounding money transmission businesses within the state.

Contention

While SB00782 aims to enhance regulatory compliance, points of contention may include concerns from money transmission businesses about the potential increase in compliance costs and operational challenges. Some stakeholders might argue that the bill imposes a burden on smaller businesses that could struggle to meet stringent regulatory demands. Additionally, there may be debates regarding the balance between protecting consumers and fostering a conducive environment for financial service businesses.