A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 34-3-120 SO AS TO REQUIRE FINANCIAL INSTITUTIONS TO VERIFY THAT INDIVIDUALS ARE CITIZENS OF THE UNITED STATES BEFORE WIRING OR REMITTING FUNDS TO FOREIGN COUNTRIES, AND TO EITHER REQUIRE A FEE OR PROHIBIT THE TRANSFER IF THE INDIVIDUAL IS NOT A UNITED STATES CITIZEN.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Chapter 3, Title 34 of the S.C. Code is amended by adding:

 

    Section 34-3-120.  A financial institution shall verify if an individual is a citizen of the United States before wiring or remitting funds to a foreign country. If the individual is not a United States citizen, the financial institution shall either prohibit the transfer of funds or shall charge a fee of one thousand dollars which must be remitted to the general fund of the State.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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