S.Amdt. 6380

This amendment, submitted by Ms. Cortez Masto, aims to add a new section regarding Money Transmitting Businesses to bill S. 4784. It changes section 1960 of title 18, United States Code, to define illegal activities and set criminal penalties for those who manage or own such businesses.

Specifically, the amendment makes it unlawful to operate a money transmitting business that:

• Is run without a proper state license where such an action is a felony or misdemeanor.

• Fails to meet registration requirements under section 5330 of title 31, United States Code.

• Involves moving funds that the defendant knows came from a crime or are meant to support unlawful activity.

The amendment adds specific Criminal Penalties for these violations:

• General violations can lead to fines, up to 10 years in prison, or both.

• Offenses involving more than $1,000,000 over 12 months can lead to higher fines and up to 20 years in prison.

• Offenses committed with the knowledge that funds would support a Federal crime of terrorism can result in fines or imprisonment for any term of years or for life.

Finally, the amendment includes a Conforming Amendment to section 3056(b) of title 18, United States Code, which updates references to include section 1960 and adds terms such as money laundering and structured transactions.