69V-560.609. Suspicious Activity Report Filings  


Effective on Thursday, November 28, 2019
  • 1(1) Pursuant to Section 5560.1235(1), F.S., 7licensees and authorized vendors must comply with all state and federal laws and rules relating to the detection and prevention of money laundering, including, as applicable, 3331 C.F.R. s. 1022.320, 37relating to reports by money services businesses of suspicious transactions. For purposes of Section 51560.1235(1), F.S., 53the federal law requirement to report suspicious transactions applies to the following money services businesses: payment instrument sellers that sell money orders or traveler’s checks, money transmitters, and foreign currency exchangers. These entities are required to report suspicious transactions to FinCEN using FinCEN Form 111, Suspicious Activity Report by Money Service Business, and failure to do so is a violation of Section 115560.1235, F.S.

    117(2) Under federal law, check cashers may, but are not required to, file reports of suspicious transactions; however, pursuant to Section 138560.309(5), F.S., 140check cashers are required to report suspicious activity to the office or an appropriate regulator based on the criteria set forth in 16231 C.F.R. 1022.320. 165The Commission designates FinCEN as the appropriate regulator to receive such reports, which shall be submitted to FinCEN on FinCEN Form 111, Suspicious Activity Report by Money Service Business. Suspicious Activity Reports filed with FinCEN shall be deemed to have also been filed with the Office. Failure of a check casher to report suspicious activity to FinCEN is a violation of Section 227560.309(5), F.S.

    229(3) FinCEN Form 111, Suspicious Activity Report by Money Service Business is incorporated by reference in Rule 24669V-560.1012, 247F.A.C.

    248(4) Check cashing transactions involving corporate payment instruments that exceed the check cashing limits established pursuant to subparagraph 26669V-560.704(4)(d)7., 267F.A.C. are deemed suspicious and require the check casher to file a suspicious activity report pursuant to this rule for each transaction.

    289Rulemaking Authority 291560.105, 292560.123, 293560.309 FS. 295Law Implemented 297560.123, 298560.1235, 299560.309 FS. 301History–New 1-13-09, Amended 11-28-19.