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Can you summarize 18 USC 1960?
RACKETEERING > Prohibition of unlicensed money transmitting businesses
Short Summary
This legal document, found in the United States Code under the section on racketeering, prohibits the operation of unlicensed money transmitting businesses. It applies to individuals or entities who knowingly conduct, control, manage, supervise, direct, or own all or part of such businesses. An unlicensed money transmitting business is defined as a business that affects interstate or foreign commerce and operates without the required money transmitting license in a state where such operation is punishable as a misdemeanor or felony, fails to comply with money transmitting business registration requirements, or involves the transportation or transmission of funds derived from a criminal offense or intended to promote unlawful activity. The term ‘money transmitting’ includes transferring funds on behalf of the public through various means. The penalties for violating this prohibition include fines and imprisonment for up to 5 years.
Whom does it apply to?
Individuals or entities conducting, controlling, managing, supervising, directing, or owning all or part of an unlicensed money transmitting business
What does it govern?
Prohibition of unlicensed money transmitting businesses
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Fine in accordance with this title or imprisonment not more than 5 years, or both
Jurisdiction
U.S. Federal Government