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Can you summarize FLREG 69V-560.609?
MONEY TRANSMITTERS > Suspicious Activity Report Filings
Short Summary
This document pertains to the filing of Suspicious Activity Reports (SARs) in accordance with state and federal laws and rules related to the detection and prevention of money laundering. Licensees, authorized vendors, payment instrument sellers, money transmitters, and foreign currency exchangers are required to report suspicious transactions to the Financial Crimes Enforcement Network (FinCEN) using FinCEN Form 111. Failure to do so is a violation of Section 560.1235, F.S. Check cashers, on the other hand, are not required to file reports of suspicious transactions but are required to report suspicious activity to the office or an appropriate regulator. FinCEN Form 111 is incorporated by reference in Rule 69V-560.1012, F.A.C. Additionally, check cashing transactions involving corporate payment instruments exceeding the check cashing limits require the check casher to file a suspicious activity report for each transaction. Non-compliance with the reporting requirements may result in penalties as specified in the respective sections of the Florida Statutes.
Whom does it apply to?
Licensees, authorized vendors, payment instrument sellers, money transmitters, foreign currency exchangers, and check cashers
What does it govern?
Suspicious Activity Report Filings
What are exemptions?
Check cashers are not required to file reports of suspicious transactions but are required to report suspicious activity to the office or an appropriate regulator
What are the Penalties?
Violation of Section 560.1235, F.S. for licensees and authorized vendors; Violation of Section 560.309(5), F.S. for check cashers
Jurisdiction
Florida