Florida Control of Money Laundering in Financial Institutions, Disapproval of Directors or Executive Officers, Examination Manuals and Referenced Standards, Reporting of Significant Events or Conditions

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-100.005Florida Control of Money Laundering in Financial Institutions

69U-100.03852Disapproval of Directors or Executive Officers

69U-100.045Examination Manuals and Referenced Standards

69U-100.948Reporting of Significant Events or Conditions

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. 44 No. 116, June 14, 2018 issue of the Florida Administrative Register.

Following comments made by the Joint Administrative Procedures Committee and the public, the following changes were made:

 

69U-100.005 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions.

(1) Refer to Section 655.50(3), F.S., for the meaning of the following terms used in this rule: “currency,” “financial institution,” “financial transaction,” “monetary instruments,” “report,” “specified unlawful activity,” “suspicious activity,” and “transaction.” 

(1)(2) Requirement to Report Currency Transactions:

(a) through (d) No change.

(2)(3) Exemptions Allowed for Currency Transactions:

(a) No change.

(b) Financial institutions are not required to designate the following persons as exempt: Except for any of the twelve Federal Reserve Banks or any exempt person as described in 31 C.F.R. § 1020.315(b)(1) to (3). , a financial institution shall designate an exempt person by filing a completed Form OFR-U-EP Designation of Exempt Person (___/2018), which is incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX. Such designation must occur by the close of the 30-calendar day period beginning after the day of the first reportable transaction in currency with that person sought to be exempted.

(4) through (5) renumbered (3) through (4) No change.

(5)(6) The timely filing of the reports required by 31 U.S.C. § 5313 and the timely filing of the reports required by 31 C.F.R. Part 1020 with the appropriate federal agency is deemed compliance with the reporting requirements of this rule.

Rulemaking Authority 655.012(2), 655.50(5) FS. Law Implemented 655.50 FS. History–New 1-22-85, Formerly 3C-1.22, Amended 10-18-90, Formerly 3C-1.022, 3C-100.005, Amended _________.

 

69U-100.03852 Disapproval of Directors or Executive Officers.

No change.

 

69U-100.045 Examination Manuals and Referenced Standards.

The OFR uses the examination manuals referenced by this rule in the implementation of its examination responsibilities. The OFR examiners use these manuals as reference guidelines when conducting safety and soundness examinations of financial institutions. The material incorporated by reference in this rule may also be obtained from the Florida Office of Financial Regulation, Division of Financial Institution's website at http://www.flofr.com/StaticPages/DivisionOfFinancialInstitutions.htm. The following manuals are hereby incorporated by reference into the body of printed materials that the OFR uses for the purposes of conducting examinations of financial institutions to assess the performance and condition of such institutions:

(1) No change.

(2) Federal Deposit Insurance Corporation, RMS Risk Management Manual of Examination Policies (4/2018), accessible at https://www.flrules.org/XXXXX.

(3) through (6) No change.

Rulemaking Authority 655.012(2) FS. Law Implemented 655.045 FS. History-New 10-24-93, Amended 1-2-95, 6-4-95, 5-22-96, Formerly 3C-100.045, Amended 9-2-10, 7-27-15, 12-9-15, _____.

 

69U-100.948              Reporting of Significant Events or Conditions

No change.