Verification for foreign remittance transfers required, and civil and criminal penalties provided.

This bill requires money transfer companies in Minnesota to verify that senders of foreign remittance transfers are lawfully present in the United States before processing the transaction. It directly affects financial licensees who handle international money transfers and individuals sending money abroad. The law mandates that senders provide specific documentation, such as a REAL ID, passport, or other government-issued identity documents, and requires companies to keep detailed records of these verifications for at least three years. Failure to comply with these verification and recordkeeping requirements could result in civil or criminal penalties.