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Can you summarize MSCO 75-15-19?
Mississippi Money Transmitters Act > Monthly report of total amount of outstanding money transmissions; annual financial statement; examination or audit of books and records; certain books and records to be maintained for five years.
Short Summary
This legal document, under the Mississippi Money Transmitters Act, governs the requirements for licensees in relation to reporting the total amount of outstanding money transmissions in Mississippi on a monthly or quarterly basis, filing an annual financial statement audited by an independent certified public accountant or an independent registered accountant, and maintaining certain books and records for a period of five years. The document also grants the commissioner the authority to conduct annual examinations or audits of the licensee’s books and records, with the refusal of access leading to license revocation. Licensees are required to maintain various records, including records of money transmissions, general ledger, bank statements, and a list of authorized agents. Additionally, the document mentions the requirement for licensees to maintain a written Bank Secrecy Act/Anti-Money Laundering Program. The commissioner may conduct joint examinations with other departments or agencies and may accept examination reports from other states or the federal government. The document also empowers the department to adopt necessary administrative regulations for the enforcement of this chapter.
Whom does it apply to?
Licensees under the Mississippi Money Transmitters Act.
What does it govern?
Monthly report of total amount of outstanding money transmissions; annual financial statement; examination or audit of books and records; certain books and records to be maintained for five years.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Revocation of license for failure to file statement.
Jurisdiction
Mississippi