A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING CHAPTER 11 OF TITLE 35, RELATING TO ANTI-MONEY LAUNDERING, SO AS TO INCORPORATE THE UNIFORM MONEY SERVICES ACT, TO PROTECT THE PUBLIC FROM FINANCIAL CRIME, STANDARDIZE THE TYPES OF ACTIVITIES THAT ARE SUBJECT TO LICENSING, AND MODERNIZE SAFETY AND SOUNDNESS REQUIREMENTS TO ENSURE FUNDS ARE PROTECTED IN AN ENVIRONMENT THAT SUPPORTS INNOVATIVE AND COMPETITIVE BUSINESS PRACTICES.

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

SECTION 1.  Chapter 11, Title 35 of the S.C. Code is amended to read:

CHAPTER 11

South Carolina Anti-Money LaunderingUniform Money Services Act

Article 1

General Provisions

    Section 35-11-100. This chapter may be cited as the "South Carolina Anti-Money Laundering Uniform Money Services Act".

    Section 35-11-105. As used in this chapter:

    (1) "Acting in concert" means persons knowingly acting together with a common goal of jointly acquiring control of a licensee whether or not pursuant to an express agreement.

    (1)(2) "Applicant" means a person that files an application for a license pursuant to this act.

    (2)(3) "Authorized delegate" means a person a licensee designates to provide money services on behalf of the licensee.

    (3) "Bank" means an institution organized under federal or state law which:

       (a) accepts demand deposits or deposits that