Imposes a fee of not less than twenty per centum of transaction amounts equal to or exceeding one thousand dollars on customers who initiate international wire transfers without a valid social security number or taxpayer identification number.

This bill proposes a fee of at least 20% on international wire transfers that are $1,000 or more for customers who do not have a valid social security number or taxpayer identification number. The goal is to discourage such transactions by imposing a significant financial penalty. It aims to regulate and track international money transfers more effectively.

Supporters of the bill argue that it will help prevent financial fraud and money laundering by ensuring that only individuals with proper identification can make large international transfers. They believe this measure will enhance the integrity of the financial system and protect consumers.

Critics contend that this bill unfairly targets individuals who may not have access to a social security number or taxpayer identification, potentially harming immigrants and low-income individuals. They argue that the high fees could discourage legitimate transactions and create barriers to financial services for vulnerable populations.