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Can you summarize AKST 06.55.406?
Examinations, Reports, Records. > Money laundering reports.
Short Summary
This legal document pertains to the reporting requirements for money laundering applicable to money services licensees and authorized delegates. It mandates that these entities must file all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set out in 31 U.S.C. 5311 and other federal and state laws related to money laundering. The timely filing of a complete and accurate report with the appropriate federal agency is considered compliance, unless the department is notified that reports of this type are not being regularly and comprehensively transmitted to the attorney general. The document also mentions recent bills that will modify these requirements. However, specific penalties for non-compliance or violation of the document’s provisions are not specified.
Whom does it apply to?
Money services licensees and authorized delegates
What does it govern?
Money laundering reporting requirements for money services licensees and authorized delegates
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Alaska