evade the requirements of such subchapter I the itara kevenue Code of 19 and ter laws of the Stred Sta Cifrnaticon on the identity of money transmitting bustnesses and the names of the persons who own or CDtria are seen or employees of a money transning busness would have a high degree of wettiness in crisi aan wegatioce and processing 2 Pra-its the purpose of this section to establish a repetration requirement for busnesses engaged in providing sex caine onregy adage, or money transmising or recitance service, a wing or redeeming money orden travelers decks, and other sizler instruments to assist the Secretary of the Treasury, the Amorney General, and other supervisory and law enforcement agencies to effectively enforce the criminal tax and regulatory laws and prevent such money tranemisting businesses from engaging in illegal activines. Subsections bi, (c), and (d, amended other laws.] Sections 409 through 411 amended other laws.] BEC. 412. GAO STUDY OF CASHIERS CHECKS. (a) STUDY REQUIRED-The Comptroller General of the United States shall conduct a study to (1) determine the extent to which the practice of isecing of cashiers checks by financial institutions is vulnerable to money laundering schemes; (2) determine the extent to which additional recordkeeping requirements should be imposed on financial institutions which issue cashiers checks; and (3) analyze such other factors relating to the use and regulation of cashiers checks as the Comptroller General determines to be appropriate. (b) REPORT REQUIRED-Before the end of the 6-month period beginning on the date of enactment of this Act, the Comptroller General shall submit a report to the Congress containing (1) the findings and conclusions of the Comptroller General in connection with the study conducted pursuant to subsection (a), and (2) such recommendations for legislative and administrative action as the Comptroller General may determine to be appropriate. [Section 413 amended other laws.] [Title V consists of the National Flood Insurance Reform Act of 1994.] ITLE VI-GENERAL PROVISIONS tion 601 expresses the sense of the Senate with regard to t hearings on all matters relating to the Madison Guaranty and Loan Association ("MGS&L"), Whitewater Developrporation and Capital Management Services Inc. (“CMS”).] tion 602 consist of technical amendments to other laws.] |