Us Code § 1960 - Prohibition of unlicensed money transmitting businesses
Full text of Us Code United States Code § 1960 — Prohibition of unlicensed money transmitting businesses, with citation guidance and answers to common questions.
§ 1960. Prohibition of unlicensed money transmitting businesses
(a) Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both.
(b) As used in this section—
(1) the term "unlicensed money transmitting business" means a money transmitting business which affects interstate or foreign commerce in any manner or degree and—
(A) is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;
(B) fails to comply with the money transmitting business registration requirements under section 5330 of title 31, United States Code, or regulations prescribed under such section; or
(C) otherwise involves the transportation or transmission of funds that are known to the defendant to have been derived from a criminal offense or are intended to be used to promote or support unlawful activity;
(2) the term "money transmitting" includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier; and
(3) the term "State" means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.
(Added Pub. L. 102–550, title XV, §1512(a), Oct. 28, 1992, 106 Stat. 4057; amended Pub. L. 103–325, title IV, §408(c), Sept. 23, 1994, 108 Stat. 2252; Pub. L. 107–56, title III, §373(a), Oct. 26, 2001, 115 Stat. 339; Pub. L. 109–162, title XI, §1171(a)(2), Jan. 5, 2006, 119 Stat. 3123.)
Editorial Notes
Amendments
2006—Subsec. (b)(1)(C). Pub. L. 109–162 substituted "to be used" for "to be used to be used".
2001—Pub. L. 107–56 amended section catchline and text generally, substituting provisions relating to prohibition of unlicensed money transmitting businesses for similar provisions relating to prohibition of illegal money transmitting businesses.
1994—Subsec. (b)(1). Pub. L. 103–325 amended par. (1) generally. Prior to amendment, par. (1) read as follows:
"(1) the term 'illegal money transmitting business' means a money transmitting business that affects interstate or foreign commerce in any manner or degree and which is knowingly operated in a State—
"(A) without the appropriate money transmitting State license; and
"(B) where such operation is punishable as a misdemeanor or a felony under State law;".
CHAPTER 96—RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS
Editorial Notes
Amendments
1990—Pub. L. 101–647, title XXXV, §3559, Nov. 29, 1990, 104 Stat. 4927, struck out "racketeering" after "Prohibited" in item 1962.
1970—Pub. L. 91–452, title IX, §901(a), Oct. 15, 1970, 84 Stat. 941, added chapter 96 and items 1961 to 1968.
About This Section
18 U.S.C. § 1960 is part of Title 18 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 18 U.S.C. § 1960. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
How to Read This Statute
Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.
Using This Page
This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.