Uniform Money Services Act Law and Legal Definition
The Uniform Money Services Act was approved by the National Conference of Commissioners on Uniform State Laws as a worthwhile Uniform State Law to help regulate money service businesses in the year 2000. It was later amended in 2004. The act provides a framework for dealing with money laundering issues unique to nondepository providers of financial services, and facilitates and enhances enforcement of existing money laundering provisions. The point of the act was to codify the nature of money service businesses, which were becoming a more and more prominent type of financial institution, and to then ensure that these financial institutions were properly regulated. Money service businesses bear many traits of banks, but are not banks, and as such, escape some of the more stringent regulations aimed at banks. This, coupled with the problem of Internet growth and technology changing the very nature of financial transactions, led to the development of the Uniform Money Services Act.
The Act is adopted by Alaska, Akransas, Iowa, U.S. Virgin Islands, Vermont and Washington.
Legal Definition list
- Uniform Mediation Act
- Uniform Marriage and Divorce Act
- Uniform Marital Property Act
- Uniform Mandatory Disposition of Detainers Act
- Uniform Management of Public Employee Retirement Systems Act
- Uniform Money Services Act
- Uniform Multiple-Person Accounts Act
- Uniform Nonjudicial Foreclosure Act
- Uniform Nonprobate Transfers on Death Act
- Uniform Parentage Act
- Uniform Partnership Act