Foreign remittance transfers verification requirement and civil and criminal penalties establishment provision

This bill requires money transmission companies in Minnesota to verify that senders of foreign remittance transfers are lawfully present in the United States before processing the transfer. To comply, senders must provide specific documentation such as a REAL ID, passport, birth certificate, or other government-issued identity documents that prove their legal status. The bill also mandates that companies keep detailed records of these verifications and transfer information for at least three years and allows the state commissioner to inspect these records. Failure to follow these verification and recordkeeping rules could result in civil or criminal penalties for the money transmission companies involved.