Ga. Comp. R. & Regs. R. 80-4-1-.02 - Money Service Businesses: Compliance with Federal Requirements

(1) For the purposes of this Rule, Money Service Businesses ("MSBs") refer to a class of non-bank financial institutions defined in the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act"), which Act requires such non-bank financial institutions to register with the Financial Crimes Enforcement Network, United States Department of the Treasury and to comply with other recordkeeping and compliance laws.

(2) A licensee under Article 4A of Chapter 1 of Title 7 that satisfies the definition of an MSB under the Bank Secrecy Act, shall comply with the federal registration requirements for such businesses and shall provide the Department with evidence of such registration.

(3) All licensees under Article 4A of Chapter 1 of Title 7 must have a compliance program and must comply with the recordkeeping requirements, currency transaction reporting, and suspicious activity reporting set forth in the Bank Secrecy Act provided the licensees are required to do so under the Bank Secrecy Act. Other recordkeeping requirements required by state law are provided for in Rule 80-4-1-.01(5). Licensees may consult https://www.fincen.gov/resources/financial-institutions/money-services-businesses for questions about the federal requirements.

Notes

Ga. Comp. R. & Regs. R. 80-4-1-.02

O.C.G.A. §§ 7-1-61, 7-1-706.1.

Original Rule entitled "Incorporation" was filed on July 5, 1973; effective July 25, 1973. Amended: Rule repealed and a new Rule of the same title adopted. Filed June 18, 1979; effective July 8, 1979. Amended: Filed July 13, 1981; effective August 2, 1981. Repealed: F. June 20, 2016; eff. July 10, 2016. Adopted: New Rule entitled "Money Service Businesses: Compliance with Federal Requirements." F. Dec. 16, 2021; eff. Jan. 5, 2022.