Adoption of Forms, Reimbursement Rates for Examinations Conducted by a Third Party, Currency Transaction Report Filings, Suspicious Activity Report Filings, Payment Instrument Sellers, Money Transmitters, Records to Be Maintained by Check Cashers
DEPARTMENT OF FINANCIAL SERVICES
RULE NOS.:RULE TITLES:
69V-560.1012Adoption of Forms
69V-560.505Reimbursement Rates for Examinations Conducted by a Third Party
69V-560.608Currency Transaction Report Filings
69V-560.609Suspicious Activity Report Filings
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. 41 No. 146, July 29, 2015 issue of the Florida Administrative Register.
These changes are made in response to comments made by the Joint Administrative Procedures Committee, comments received from the public, and to make technical changes.
69V-560.1012 Adoption of Forms.
(1)(a) through (k) No change.
(l) Disciplinary Guidelines for Money Services Businesses, incorporated by reference and adopted by this rule, effective XX/XX/XXXX, available at www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX
(2) No change.
The remainder of the rule reads as previously published.
69V-560.505 Reimbursement Rates for Examinations Conducted by a Third Party.
(1) No change.
(2) No change.
(3) No change.
(a) No change.
(b) Maximum per diem rates for domestic travel approved by the United States General Services Administration for Florida for Fiscal Year 2014 as set forth in “Domestic Per Diem Rates”, which may be found at www.gsa.gov/perdiem and is hereby incorporated by reference.
(4) No change.
(5) No change.
The remainder of the rule reads as previously published.
69V-560.608 Currency Transaction Report Filings.
BSA Currency Transaction Reports, required by Section 560.123, F.S., must be filed with FinCEN using BSA E-Filing and FinCEN Form 112 as required by 31 U.S.C. s. 5313, which is incorporated by reference in Rule 69V-560.1012, F.A.C., as required by 31 U.S.C. s. 5313. Reports filed in this manner shall be deemed to have also been filed with the Office.
The remainder of the rule reads as previously published.
69V-560.609 Suspicious Activity Report Filings.
(1) Pursuant to Section 560.1235(1), F.S., licensees 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, 31 C.F.R. Chapter X s.1022.320, relating to reports by money services businesses of suspicious transactions. For purposes of Section 560.1235(1), F.S., the 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 must report suspicious transactions to FinCEN using FinCEN Form 111, BSA Suspicious Activity Report, which is incorporated by reference in Rule 69V-560.1012, F.A.C., as required by 31 C.F.R. Chapter X s.1022.320, BSA Suspicious Activity Report, and failure to do so is a violation of Section 560.1235, F.S.
(2) Under federal law, check cashers may, but are not required to, file reports of suspicious transactions; however, pursuant to Section 560.309(5), F.S., check cashers are required to report suspicious activity to the Office or an appropriate regulator based on the criteria set forth in 31 C.F.R. Chapter X s. 1022.320. The Commission designates FinCEN as the appropriate regulator to receive such reports, which shall be submitted to FinCEN on FinCEN Form 111, BSA Suspicious Activity Report, which is incorporated by reference in Rule 69V-560.1012, F.A.C., BSA Suspicious Activity Report. BSA 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 560.309(5), F.S.
(3) FinCEN Form 111, BSA Suspicious Activity Report is incorporated by reference in Rule 69V-560.1012, F.A.C. Federal regulation 31 C.F.R. Chapter X s. 1022.320 is 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.
The remainder of the rule reads as previously published.
69V-560.702 Payment Instrument Sellers.
(1) through (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 at a minimum, should include, but are not limited to compliance with address the requirements found in the following applicable statutes and regulations:
(a) through (e) No change.
(5) through (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.
The remainder of the rule reads as previously published.
69V-560.703 Money Transmitters.
(1) through (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 at a minimum, should include, but are not limited to compliance with address the requirements found in the following applicable statutes and regulations:
(a) through (e) No change.
(5) No change.
(6) No change.
(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.
The remainder of the rule reads as previously published.
69V-560.704 Records to Be Maintained by Check Cashers.
(1) No change.
(2) No change.
(3) No change.
(4) (a) through (c) No change.
(4)(d)1.through 2. No change.
(4)(d)3. Documentation of the business license/occupational license, business tax receipt, or its equivalent from the county municipality where the entity is located.
(4)(d)5. No change.
(5)(a) In addition to the records required in subsections (2) and (3) (1) and (2) for payment instruments $1,000.00 or more, the check casher shall create and maintain an electronic log of payment instruments accepted which includes, at a minimum, the following information:
1. through 11. No change.
(b) No change.
(6) Check Cashing Database: Commencing on September 3, 2015, but no later than October 1, 2015, every check casher must in accordance with section 560.310(2), F.S., submit the following information into the check cashing database prior to the check casher providing currency (or payment instrument if a Part II licensee):
1. through 13. No change.
(7) No change.
The remainder of the rule reads as previously published.
