Ga. Comp. R. & Regs. R. 80-4-1-.03 - Reports of Large Currency Transactions, Record-Keeping, and Suspicious Activity Reporting Requirements for Check Cashers

(1) Persons engaged in the business of cashing payment instruments shall be subject to the filing requirements for large currency transactions as prescribed in Article 11 of Chapter 1 of Title 7, and as further directed herein.

(2) The reporting requirements contained in Article 11 of Chapter 1 of Title 7 shall be met by filing with the appropriate federal agency a copy of the form(s) filed in compliance with 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") within the time limits set forth therein. Such forms shall include the filing of currency transaction reports and suspicious activity reports as described in the Bank Secrecy Act and accompanying regulations.

(3) Recordkeeping. Georgia law regarding such recordkeeping for check cashers shall be satisfied by compliance with all applicable federal law. Such federal law includes, but is not limited to, the Bank Secrecy Act. A licensed check casher that does not satisfy the definition of a check casher under the Bank Secrecy Act shall comply with the state recordkeeping requirements at Rule 80-4-1-.01(5).

(4) Records required to be maintained under Paragraph (3) of this rule may be maintained in a 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.

(5) Currency transaction reporting requirements for financial institutions are contained in Chapter 80-9-1 of the Department's regulations.

Notes

Ga. Comp. R. & Regs. R. 80-4-1-.03

O.C.G.A. §§ 7-1-61, 7-1-706.1.

Original Rule entitled "Bonds" 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 Amended: Rule repealed and a new Rule of the same title adopted.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. Repealed: F. June 20, 2016; eff. July 10, 2016. Adopted: New Rule entitled "Reports of Large Currency Transactions, Record-Keeping, and Suspicious Activity Reporting Requirements for Check Cashers." F. Dec. 16, 2021; eff. Jan. 5, 2022.