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Can you summarize FLREG 69V-560.703?
MONEY TRANSMITTERS > Money Transmitters
Short Summary
This document, 69V-560.703 Money Transmitters, outlines the record-keeping requirements and policies that money transmitters in Florida must adhere to. For money transmissions below $3,000, the money transmitter must maintain records of the sender’s name, transaction receipt or confirmation number, transaction location, instructions or messages, transaction date, transaction amount in U.S. Dollars, authorized vendor name, and authorized vendor/foreign affiliate code/identifier. For transactions of $3,000 or more, compliance with the record-keeping requirements in 31 C.F.R. Part 1010, Subpart D is required. Money transmitters must also maintain a schedule of outstanding receivables from authorized vendors, develop and implement policies to monitor compliance with state and federal laws, maintain individual files for each authorized vendor/foreign affiliate, and retain records of subpoenas, warrants, and other requests. All records of money transmissions must be maintained in an electronic format that is readily retrievable and exportable. The document also references various federal laws and regulations that money transmitters must comply with. The penalties for non-compliance or violation of the document’s provisions are not specified.
Whom does it apply to?
Money transmitters
What does it govern?
Money Transmitters
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Florida