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Can you summarize FLCL 655.50?
FINANCIAL INSTITUTIONS GENERALLY > Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act.
Short Summary
The Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act requires financial institutions to submit certain reports and maintain records of customers, accounts, and transactions involving currency or monetary instruments or suspicious activities. The purpose of this act is to prevent financial institutions from being used to conceal, move, or provide proceeds obtained from criminal or terrorist activities. The act defines various terms such as BSA/AML compliance officer, currency, financial institution, financial transaction, monetary instruments, report, specified unlawful activity, and suspicious activity. Financial institutions must designate and retain a BSA/AML compliance officer and maintain records of financial transactions involving currency or other monetary instruments that exceed $10,000 and involve the proceeds of specified unlawful activity or are suspected to involve such activity. The act also imposes penalties for non-compliance, including misdemeanors and felonies depending on the severity of the violation, as well as civil penalties.
Whom does it apply to?
Financial institutions as defined in s. 655.005(1)(i), excluding international representative offices, international administrative offices, or qualified limited service affiliates
What does it govern?
Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Misdemeanor of the first degree for willful violations, punishable as provided in s. 775.082 or s. 775.083. Felony of varying degrees for willful violations involving financial transactions of different values, punishable as provided in s. 775.082 or s. 775.083. Civil penalties of up to $10,000 per day for willful violations or $500 per day for negligent violations. Civil penalties of up to $250,000 or twice the value of the financial transaction for first convictions, and up to $500,000 or quintuple the value of the financial transaction for subsequent convictions.
Jurisdiction
Florida