The bill H. 5272 proposes an amendment to the South Carolina Code of Laws by adding Section 34-3-120, which mandates that financial institutions must verify the citizenship status of individuals before allowing them to wire or remit funds to foreign countries. Specifically, if an individual is found not to be a citizen of the United States, the financial institution is required to either prohibit the transfer of funds or impose a fee of one thousand dollars, which would be directed to the state's general fund.

This legislation aims to enhance the verification process for remittances and ensure that only U.S. citizens can send money abroad, thereby potentially reducing illegal financial activities. The bill is currently under consideration in the House Committee on Labor, Commerce and Industry and will take effect upon receiving approval from the Governor.

Statutes affected:
02/26/2026: 34-3-120
Latest Version: 34-3-120