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

(1) Requirement to Report Currency Transactions:

(a) Every financial institution shall file a report with the Office of Financial Regulation (OFR) of each financial transaction occuring in the state known to the financial institution which involves currency or other monetary instrument that:

1. Has a value greater than $10,000;

2. Involves the proceeds of racketeering activity as that term is defined in section 895.02, F.S.; or

3. Is designed to evade the reporting requirements of section 655.50, F.S., chapter 896, F.S., or similar state or federal law.

(b) The report shall be filed on Form OFR-U-CTR Currency Transaction Report (8/2018), which is incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09659.

(c) Any financial institution may file a report with OFR of any financial transaction, regardless of the value of the property involved, if it suspects the transaction to involve the proceeds of specified unlawful activity. The report shall also be filed on Form OFR-U-CTR and include as much of the information that is reasonably available at the time the report is made.

(d) Reports of currency transactions shall be filed with OFR no later than the 15th day after the date of the transaction.

(2) Exemptions Allowed for Currency Transactions:

(a) Financial institutions are not required to file reports on transactions with exempt persons as provided in 31 C.F.R. §1020.315.

(b) Financial institutions are not required to designate the following persons as exempt: any of the twelve Federal Reserve Banks or any exempt person described in 31 C.F.R. §1020.315(b)(1) to (3).

(3) Requirement to Report Suspicious Activity:

(a) Every financial institution shall file a report with OFR of any suspicious activity. The report shall be filed on Form OFR-U-SAR Suspicious Activity Report (8/2018), which is incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09660.

(b) Any financial institution may file a report of suspicious activity for any transaction that it believes is relevant to the possible violation of any law or regulation. The report shall also be filed on Form OFR-U-SAR and include as much of the information that is reasonably available at the time the report is made.

(c) A report of suspicious activity shall be filed with OFR no later than 30 calendar days after the date the financial institution initially detects facts that may constitute a basis for filing the report. If no suspect was identified on the date of the detection of the incident requiring the filing, a financial institution may delay filing a Form OFR-U-SAR for an additional 30 calendar days to identify a suspect. In no case shall reporting be delayed more than 60 calendar days after the date of initial detection of a reportable transaction. In situations involving violations that require immediate attention, such as, for example, ongoing money laundering schemes, the financial institution shall immediately notify, by telephone, an appropriate law enforcement authority in addition to filing timely a Form OFR-U-SAR.

(4) All reports and designations filed pursuant to this rule shall be submitted electronically to the Director of the Division of Financial Institutions, Office of Financial Regulation at [e-mail]. The filing shall be deemed received on the date the OFR issues a confirmation of submission to the filer.

(5) 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 9-11-18.