DEPARTMENT OF FINANCIAL SERVICES
RULE NOS.:RULE TITLES:
69V-560.702Payment Instrument Sellers
69V-560.703Money Transmitters
69V-560.704Records to Be Maintained by Check Cashers
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 45 No. 145, July 26, 2019 issue of the Florida Administrative Register.
These changes are made in response to comments made by the Joint Administrative Procedures Committee.
69V-560.702 Payment Instrument Sellers.
(1) No change.
(2) No change.
(3) No change.
(4) Every payment instrument seller shall develop and implement written policies and procedures to monitor compliance with applicable state and federal law by its authorized vendors. The policies and procedures must include compliance with the following applicable statutes and regulations:
(a) through (b) No change.
(c) Office of Foreign Asset Control regulations: 31 C.F.R. s. 594.201, Form OFR-560-10, effective July 1, 2018, and available at http://www.flrules.org; 31 C.F.R. s. 594.204, Form OFR-560-11, effective July 1, 2018, and available at http://www.flrules.org; 31 C.F.R. s. 501.603, Form OFR-560-12, effective July 1, 2018, and available at http://www.flrules.org; and 31 C.F.R. s. 501.604, Form OFR-560-13, effective July 1, 2018, and available at http://www.flrules.org.
(d) Gramm-Leach-Bliley Act regarding protection of personal information: 15 U.S.C. ss. 6801 Form OFR-560-14, effective July 21, 2010, and available at http://www.flrules.org; 6802 Form OFR-560-15, effective July 21, 2010, and available at http://www.flrules.org, and 6803 Form OFR-560-16, effective December 4, 2015, and available at http://www.flrules.org.
(e) No change.
(5) No change.
(6) Subpoenas, warrants, and other requests from regulatory, law enforcement, or prosecutorial agencies and records relating to training as required by 31 C.F.R. s. 1022.210, Form OFR-560-17, effective July 1, 2018, and available at http://www.flrules.org, shall be maintained so that they are retrievable as required by section 560.1105(1), F.S.
(7) No change.
(8) All forms federal laws and regulations referenced in subsections (4) and (6) of this rule are hereby incorporated by reference and available on the Office’s website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0376.
Rulemaking Authority 560.105, 560.2085 FS. Law Implemented 560.1105, 560.1235, 560.2085, 560.211 FS. History–New 9-24-97, Formerly 3C-560.702, Amended 1-13-09,__________.
69V-560.703 Money Transmitters.
(1) No change.
(2) For each money transmission in the amount of $3,000 or more, compliance with the record keeping requirements contained within 31 C.F.R. Part 1010, Subpart D, Form OFR-560-18, effective July 1, 2018, and available at http://www.flrules.org, will satisfy the record keeping requirements of chapter 560, F.S. For purposes of compliance with 31 C.F.R. 1010, Subpart D, a money transmitter is also subject to the additional record keeping requirements for “other than established customers”.
(a) through (c) No change.
(3) No change.
(4) Every money transmitter shall develop and implement written policies and procedures to monitor compliance with applicable state and federal law by its authorized vendors. These policies and procedures must include compliance with the following applicable statutes and regulations:
(a) through (b) No change.
(c) Office of Foreign Asset Control regulations: 31 C.F.R. s. 594.201 Form OFR-560-10, effective July 1, 2018, and available at http://www.flrules.org; 31 C.F.R. s. 594.204 Form OFR-560-11, effective July 1, 2018, and available at http://www.flrules.org; 31 C.F.R. s. 501.603 Form OFR-560-12, effective July 1, 2018, and available at http://www.flrules.org; and 31 C.F.R. s. 501.604, Form OFR-560-13, effective July 1, 2018, and available at http://www.flrules.org.
(d) Gramm-Leach-Bliley Act regarding protection of personal information: 15 U.S.C. ss. 6801, Form OFR-560-14, effective July 21, 2010, and available at http://www.flrules.org, 6802, Form OFR-560-15, effective July 21, 2010, and available at http://www.flrules.org, and 6803, Form OFR-560-16, effective December 4, 2015, and available at http://www.flrules.org.
(e) No change.
(5) No change.
(6) Subpoenas, warrants and other requests from regulatory, law enforcement, and prosecutorial agencies, and records related to training as required by 31 C.F.R. s. 1022.210, Form OFR-560-17, effective July 1, 2018, and available at http://www.flrules.org and shall be maintained so that they are retrievable as required by section 560.1105(1), F.S.
(7) No change.
(8) All federal laws and regulations referenced in this rule are hereby incorporated by reference and available on the Office’s website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399- 0376.
Rulemaking Authority 560.105, 560.1105, 560.2085, 560.211 FS. Law Implemented 560.1105, 560.1235, 560.2085, 560.211 FS. History–New 9-24-97, Formerly 3C-560.703, Amended 1-13-09,________.
69V-560.704 Records to Be Maintained by Check Cashers.
(1) No change.
(2) No change.
(3) No change.
(4) In addition to the records required in subsections (2) and (3), for payment instruments exceeding $1,000.00, the check casher shall:
(a) through (c) No change.
(d) Create and maintain a customer file for each entity listed as the payee on corporate payment instruments accepted by the licensee. Each customer file must include, at a minimum, the following information:
1. through 6. No change.
7. A written corporate customer profile which includes: the full legal name of each beneficial owner, as defined in 31 C.F.R. s. 1010.230(d), Form OFR-560-19, effective July 1, 2018, is hereby incorporated by reference and available at http://www.flrules.org, of the corporate customer; an explanation of the customer’s business model; type(s) of services offered; projected annual volume of check cashing; and annual check cashing limits as they relate to the corporate customer’s workers’ compensation policy coverage limits.
(e) No change.
(5) No change.
Rulemaking Authority 560.105, 560.310 FS. Law Implemented 560.1105, 560.310 FS. History–New 9-24-97, Amended 11-4-01, Formerly 3C-560.704, Amended 1-13-09, 10-12-15, __________.
The following changes have been made to incorporated versions of federal materials:
In response to the Joint Administrative Procedures Committee’s comments, the Office revised the following federal materials to remove form incorporation language:
31 C.F.R. s. 594.201
31 C.F.R. s. 594.204
31 C.F.R. s. 501.603
31 C.F.R. s. 1022.210
31 C.F.R. Part 1010, Subpart D
