18-U.S.C.-1960
§1960 – Prohibition of Unlicensed Money Transmitting Businesses
Pathway
Title 18 > Part I > Chapter 95 > Section 1960
Details
- Reference: Section 1960
- Legend: §1960 – Prohibition of Unlicensed Money Transmitting Businesses
- USCode Year: 2013
Provision Content
(a) Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both.
(b) As used in this section—
(1) the term unlicensed money transmitting business means a money transmitting business which affects interstate or foreign commerce in any manner or degree and—
(A) is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
(B) fails to comply with the money transmitting business registration requirements under section 5330 of title 31, United States Code, or regulations prescribed under such section; or
(C) otherwise involves the transportation or transmission of funds that are known to the defendant to have been derived from a criminal offense or are intended to be used to promote or support unlawful activity;
(2) the term money transmitting includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier; and
(3) the term State means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.
(Added Pub. L. 102–550, title XV, §1512(a), Oct. 28, 1992, 106 Stat. 4057; amended Pub. L. 103–325, title IV, §408(c), Sept. 23, 1994, 108 Stat. 2252; Pub. L. 107–56, title III, §373(a), Oct. 26, 2001, 115 Stat. 339; Pub. L. 109–162, title XI, §1171(a)(2), Jan. 5, 2006, 119 Stat. 3123.)
Amendments
2006—Subsec. (b)(1)(C). Pub. L. 109–162 substituted to be used for to be used to be used.
2001—Pub. L. 107–56 amended section catchline and text generally, substituting provisions relating to prohibition of unlicensed money transmitting businesses for similar provisions relating to prohibition of illegal money transmitting businesses.
1994—Subsec. (b)(1). Pub. L. 103–325 amended par. (1) generally. Prior to amendment, par. (1) read as follows:
(1) the term ‘illegal money transmitting business’ means a money transmitting business that affects interstate or foreign commerce in any manner or degree and which is knowingly operated in a State—
(A) without the appropriate money transmitting State license; and
(B) where such operation is punishable as a misdemeanor or a felony under State law;.
U.S. Encyclopedia of Law Coverage
18-U.S.C.-1955 in the Legal Encyclopedia: Criminal Law
In this entry about 18-U.S.C.-1955, find legal reference material, bibliographies and premiere content related to criminal law in the American Encyclopedia of Law, presenting a comprehensive view of the United States criminal law-specific issues, written by authorities in the field.
18-U.S.C.-1959 in the Legal Encyclopedia: Crimes
In this entry about 18-U.S.C.-1959, find legal reference material, bibliographies and premiere content related to crimes in the American Encyclopedia of Law, presenting a comprehensive view of the United States crimes-specific issues, written by authorities in the field.
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