69V-560.703. Money Transmitters

(1) A money transmitter shall maintain records of the following information for all inbound and outbound transmissions, which must be obtained for each money transmission less than $3,000:

(a) The name of the sender;

(b) A numbered receipt or confirmation number for each transaction;

(c) The address of the location or foreign affiliate where the transaction was conducted;

(d) Any instructions or messages relating to the transmission;

(e) Transaction date;

(f) Transaction amount in U.S. Dollars;

(g) Authorized vendor name; and,

(h) Authorized vendor/foreign affiliate code/identifier as assigned by the licensee.

(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, effective July 1, 2018, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11465, 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.”

(3) Every money transmitter shall maintain a schedule of all outstanding receivables due from authorized vendors to include amounts and numbers of days outstanding. This schedule shall be updated, at a minimum, monthly.

(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) Chapter 560, F.S.

(b) Anti-money laundering requirements referenced in section 560.1235(1), F.S.

(c) Office of Foreign Asset Control regulations: 31 C.F.R. s. 594.201, effective July 1, 2018, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11466; 31 C.F.R. s. 594.204, effective July 1, 2018, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11467; 31 C.F.R. s. 501.603, effective July 1, 2018, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11468; and 31 C.F.R. s. 501.604, effective July 1, 2018, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11469.

(d) Gramm-Leach-Bliley Act regarding protection of personal information: 15 U.S.C. ss. 6801, effective July 21, 2010, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11470, 6802, effective July 21, 2010, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11471, and 6803, effective December 4, 2015, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11472.

(e) Sections 817.568 and 501.171, F.S., regarding fraudulent use of personal information and breaches of information security.

(5) Every money transmitter shall maintain individual files for each authorized vendor/foreign affiliate that document the establishment and termination of these relationships. The file shall include the written contract between the money transmitter and authorized vendor as required by Section 560.2085, F.S.

(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, effective July 1, 2018 and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-11473, and shall be maintained so that they are retrievable as required by Section 560.1105(1), F.S.

(7) Records of all money transmissions shall be maintained in an electronic format that is readily retrievable and capable of being exported to most widely available software applications including Microsoft EXCEL.

(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, 1-6-20.