On Tuesday night, the Alabama House of Representatives passed a heavily amended version of HB297, a once-controversial measure that initially sought to impose a 4% fee on international money transfers but now focuses squarely on cracking down on suspicious cash-based transactions through increased reporting and enforcement.

Sponsored by State Rep. Jennifer Fidler (R-Silverhill), the bill originally proposed a transfer fee on outgoing international wire transfers from Alabama.

Following substantial revisions in committee, the legislation now focuses on monitoring suspicious cash transactions and enhancing enforcement tools for the Alabama Securities Commission.

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The amended bill eliminates the proposed transfer fee and instead requires money transmission businesses to report specific types of cash transactions and maintain detailed records.

These include high-dollar or unusual transfers, as well as transactions deemed suspicious under state guidelines. All relevant records must be kept for five years.

Violations of the reporting requirements carry criminal penalties, including felony charges and daily civil fines.

The Alabama Securities Commission is responsible for oversight and enforcement, and any revenue collected beyond enforcement costs will be directed to a new fund supporting sheriff training, technology, and education initiatives.

The bill passed the House after debate over its restructured focus, which shifted away from taxation and toward regulatory compliance. It now heads to the Senate for consideration.

Grace Heim is a state and political reporter for Yellowhammer News. You can follow her on X @graceeheim or email her at [email protected].