Can I collect bank account information from participants in Georgia? What are the requirements?

Yes, you can collect bank account information from participants in Georgia, but there are certain requirements that you must follow.

Requirements for Collecting Bank Account Information in Georgia

According to GARR Rule 80-7-1-.02, banks chartered by the state of Georgia or national banking associations domiciled in Georgia have the same rights, privileges, and responsibilities as foreign banking organizations. This means that they are subject to the same regulations and requirements as other financial institutions in Georgia.

Under GARR Rule 80-3-6-.02 and GARR Rule 80-4-1-.03, persons engaged in the business of selling payment instruments or transmitting money, as well as check cashers, are subject to reporting requirements for large currency transactions. This includes filing currency transaction reports and suspicious activity reports as described in the Bank Secrecy Act and accompanying regulations.

Additionally, all financial institutions in Georgia are required to comply with federal law regarding recordkeeping for payment instrument sellers and money transmitters, which includes the Bank Secrecy Act. Records required to be maintained may be kept in photographic, electronic, or other similar form at a central location within or outside the state of Georgia, provided specific records can be transmitted to a location designated by the Department within ten (10) days of the date of the Department’s request.

Conclusion

In summary, you can collect bank account information from participants in Georgia, but you must comply with the reporting and recordkeeping requirements outlined in GARR Rule 80-3-6-.02, GARR Rule 80-4-1-.03, and federal law.

Jurisdiction

Georgia, Georgia

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