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Can you summarize FLCL 560.211?
PAYMENT INSTRUMENTS AND FUNDS TRANSMISSION (ss. 560.203-560.213) > Required records.
Short Summary
This legal document outlines the record retention requirements for licensees under the Money Services Businesses section of the Florida Statutes. In addition to the record retention requirements under s. 560.1105, licensees are required to maintain various books, accounts, records, and documents for a period of 5 years. These include a daily record of payment instruments sold and transmitted currency, a general ledger, daily settlement records from authorized vendors, monthly financial institution statements and reconciliation records, records of outstanding payment instruments and transmitted currency, records of each payment instrument paid and transmitted currency, a list of authorized vendors, records documenting relationships with authorized vendors and foreign affiliates, and any additional records prescribed by rule to detect and prevent money laundering or related to virtual currency. Failure to comply with these record retention requirements is a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
Whom does it apply to?
Licensees under the Money Services Businesses section of the Florida Statutes
What does it govern?
Record retention requirements for licensees under the Money Services Businesses section of the Florida Statutes
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084
Jurisdiction
Florida