MN HF194

Creates a "No Transmit List" maintained by the commissioner to prevent money transmissions to individuals who are fraud victims or participants in fraud schemes.

Establishes five ways names are added to the list: individual requests, requests by authorized representatives, money transmitter reports of detected fraud victims or perpetrators, law enforcement agency requests for victims, and direct requests to money transmitters.

Requires individuals on the list to remain listed for a minimum of one year, after which they may request removal; allows individuals to require removal only with consent of themselves and at least one of two designated individuals.

Mandates money transmitters notify senders if transfer receipt is attempted at an unexpected location and verify to senders the location and recipient name upon request.

Requires money transmitters to submit suspicious activity reports under federal Bank Secrecy Act when adding individuals to the No Transmit List for fraud participation; effective January 1, 2014.