HB0043SW001

This amendment adds an exemption to the money laundering and illegal investment statutes for federally insured financial institutions and their employees, except when conducting transactions with intent to facilitate crimes or evade reporting requirements.

• Inserts a new subsection (c) into Section 6-3-1102 that exempts financial institutions whose deposits are insured by the Federal Deposit Insurance Corporation or National Credit Union Share Insurance Fund, and their employees, from liability for transactions involving depositors or borrowers, unless the employee acts with specific intent to facilitate criminal activity, conceal property derived from crime, or avoid transaction reporting requirements. (Page 4, after line 3)

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