|Organization:||Division of Banks|
|Referenced Sources:||M.G.L. c. 169|
To the Chief Executive or Operating Officer of the Licensed Check Casher, Check Seller, or Foreign Transmittal Agency Addressed:
On October 26, 2001, President Bush signed into law the "Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001" (or USA Patriot Act). Title III of the USA Patriot Act, known as "The International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001" (the Act) is intended to make it more difficult for terrorists to launder money in the United States. In addition, the Act also makes it easier for law enforcement and regulatory officials to share information and identify illegal money laundering activity. The Division of Banks (Division) wants to ensure that all institutions under its supervision understand what is required under the Act and are in full compliance with the provisions of the Act.
This letter briefly describes the Division's policies regarding the relationship between a licensed foreign transmittal agency and its agents. In addition, this letter summarizes the provisions of the Act that should receive immediate attention from all licensed check cashers, check sellers, and foreign transmittal agencies (collectively referred to as "money servicers"). Please ensure that all staff are aware of the requirements of the Act.