Florida Department of Financial Services Money Transmitter Rule
69V-560.703 Money Transmitters.
(1) A money transmitter shall maintain records of the following information for all inbound and outbound transmissions, which must be obtained for each money transmission, regardless of the amount:
(a) The name and address of the sender;
(b) A numbered receipt or confirmation number for each transaction;
(c) The address of the location or foreign affiliate where the transaction was conducted;
(d) The name and address of the beneficiary or recipient;
(e) Any instructions or messages relating to the transmission;
(f) The method of payment (e.g., currency, check, credit card, etc.);
(g) Transaction date;
(h) Time of the transaction;
(i) Transaction amount in U.S. Dollars;
(j) Fees charged;
(j) Authorized vendor name; and,
(k) Authorized vendor/foreign affiliate code/identifier as assigned by the licensee.
(2) For all transactions that exceed $3,000, the money transmitter shall, in addition to the items in subsection (1), obtain and record:
(a) Social security number, passport number, or alien registration of the sender;
(b) Name and account number of the recipient’s financial institution, if applicable; and,
(c) Sender’s photo identification number, type, and state/country of issuance.
(3) Every money transmitter shall maintain a schedule of all outstanding receivables due from authorized vendors to include amounts and numbers of days outstanding. This schedule shall be updated, at a minimum, monthly.
(4) Every money transmitter shall develop and implement written policies and procedures to monitor compliance with applicable state and federal law by its authorized vendors. These policies and procedures should include, but are not limited to compliance with the following applicable statutes and regulations:
(a) Chapter 560, F.S.
(b) Anti-money laundering requirements referenced in section 560.1235(1), F.S.
(c) Office of Foreign Asset Control regulations: 31 C.F.R. Part 500; 31 C.F.R. s. 594.201; 31 C.F.R. s. 594.204; 31 C.F.R. s. 501.603; and 31 C.F.R. s. 501.604, as these regulations existed on September 4, 2008.
(d) Gramm-Leach-Bliley Act regarding protection of personal information: 15 U.S.C. ss. 6801, 6802, and 6803 (Thomson Reuter/West 2008) (current through P.L. 110-316) (excluding P.L. 110-234, 110-246, and 110-315).
(e) Sections 817.568 and 817.5681, F.S., regarding fraudulent use of personal information and breaches of information security.
(5) Every money transmitter shall maintain individual files for each authorized vendor/foreign affiliate that document the establishment and termination of these relationships. The file shall include the written contract between the money transmitter and authorized vendor as required by section 560.2085, F.S.
(6) Subpoenas, warrants and other requests from regulatory, law enforcement, and prosecutorial agencies, and records related to training as required by 31 C.F.R. s. 103.125, as it existed on September 4, 2008, and shall be maintained so that they are retrievable as required by section 560.1105(1), F.S.
(7) Records of all money transmissions shall be maintained in an electronic format that is readily retrievable and capable of being exported to most widely available software applications including Microsoft EXCEL.
(8) All federal laws and regulations referenced in this rule are hereby incorporated by reference and available on the Office’s website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0376.
Rulemaking Authority 560.105 FS. Law Implemented 560.1105(1), 560.211 FS. History–New 9-24-97, Formerly 3C-560.703, Amended 1-13-09.