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Can you summarize KYRS 286.11-031?
Money Transmitters > Filing and maintenance of reports required by federal and state law governing money laundering.
Short Summary
This legal document pertains to the filing and maintenance of reports required by federal and state laws governing money laundering. It applies to licensees and their agents. The document requires licensees and their agents to file all reports required by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering for every transaction in the state of Kentucky. Licensees and their agents are also required to maintain copies of these reports in their records in compliance with KRS 286.11-029. The timely filing of a complete and accurate report with the appropriate federal agency is deemed compliance, unless the commissioner notifies the licensee otherwise. The document was last amended in 2010 and was created in 2006 as part of the Kentucky Financial Services Code.
Whom does it apply to?
Licensees and their agents
What does it govern?
Filing and maintenance of reports required by federal and state law governing money laundering
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Kentucky