MO HB2412

Licensed money transmitters in Missouri must verify that senders of foreign remittance transfers are not unauthorized aliens (persons unlawfully present under federal immigration law) before initiating any transfer to recipients outside the United States.

Licensees who transfer funds without proper verification face a penalty of 25% of the U.S. dollar amount transferred, with verification reports and penalties due 45 days after June 30th and December 31st.

All collected penalties are deposited into the county public school fund as required by the Missouri Constitution.

Beginning July 1, 2028, the Division of Finance will conduct random compliance examinations no more than once every two years, with failure to substantially comply constituting grounds for license suspension.

Individuals may file written complaints alleging violations, but knowingly filing false or frivolous complaints is a class B misdemeanor.