Requirements for wire transfer service providers

(a) In general Section 5312(a) of title 31, United States code is amended— (1) in paragraph (2)— (A) by redesignating subparagraphs (Y) and (Z) as subparagraphs (Z) and (AA), respectively; and (B) by inserting after paragraph (X) the following: (Y) wire transfer service providers;; and (2) by adding at the end the following: (7) Wire transfer service provider The term wire transfer service provider means an entity that engages in the electronic transfer of funds on behalf of consumers or businesses, either domestically or across international borders, including but not limited to services such as Western Union, Ria, MoneyGram, XE, and digital remittance platforms (we recommend against calling out specific companies as they change over time).. (b) Rulemaking The Secretary of the Treasury shall, not later than 180 days after the date of the enactment of this Act, issues such rules as the Secretary of the Treasury determines necessary to carry out the amendments made by this section. (c) Effective date The amendments made by this section shall take effect 1 year after the date of the enactment of this section.