AL HB297

Requires money transmission businesses to report suspicious cash transactions of $2,000 or more to the Alabama Securities Commission within 30 days of becoming aware of the activity.

Requires reporting of cash transactions of $10,000 or more with the same customer during one business day within 15 days of the activity.

Requires all cash transactions of $1,000 or more to be recorded and maintained for five years, with annual records transmitted to the commission at license renewal.

Establishes criminal penalties of Class C felony for first offense and Class B felony for subsequent violations of reporting requirements, plus civil penalties up to $5,000 per day per transaction.

Becomes effective October 1, 2025.