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Can you summarize 3 COCR 701-7 MO8?
MONEY TRANSMITTERS > Employee Money Laundering Affirmation [Section 11-110-203, C.R.S.]
Short Summary
This document sets forth procedures for employees of agents conducting money transmission services for a licensed money transmitter to affirm their understanding of state and federal money laundering laws. The procedures include requiring employees to complete an Employee Notice or providing training on money laundering laws. Agents are required to maintain copies of the forms or records at the agent business location and make them available to law enforcement officers. The document also specifies exemptions for certain agents involved in specific activities. Failure to comply with the procedures is punishable under Section 11-110-206(1), C.R.S.
Whom does it apply to?
Employees conducting money transmission services for a licensed money transmitter
What does it govern?
Procedures for an employee of an agent conducting money transmission services for a licensed money transmitter to affirm their understanding of state and federal money laundering laws
What are exemptions?
Agents of a licensed money transmitter involved exclusively in selling or adding additional money to 'Stored Value' issued by the licensed money transmitter, or corporations organized under the general banking, savings and loan, or credit union laws of Colorado or of the United States
What are the Penalties?
Punishable pursuant to Section 11-110-206(1), C.R.S.
Jurisdiction
Colorado