Section 45.11 - Books and Records(1) Each licensee shall comply with 209 CMR 48.00: Licensee Record Keeping and shall keep and use its books, records, and accounts in a manner which will allow the Commissioner to determine whether the licensee is complying with the provisions of M.G.L. c. 167F § 4; c. 169; or c. 169A, 209 CMR 45.00; and state and federal laws and regulations, as applicable.(2) Each licensee shall maintain quarterly financial statements that include a Balance Sheet and a year-to-date Income Statement that are prepared in accordance with U.S. generally accepted accounting principles and may be prepared internally or by an independent certified public accountant.(3) A licensed check casher shall also maintain, at a minimum, the following records: (a) A daily record of all check cashing transactions occurring each day, which shall be limited to the following, provided a sufficient audit trail is available through records obtainable from the licensee's bank account(s):1. The amount of the check cashed; and2. The amount of the fee charged for cashing the check.(b) A daily cash reconcilement summarizing each day's activity and reconciling cash on hand at the opening of business to cash on hand at the close of business, and which shall separately reflect cash received from the redemption of returned items, bank cash withdrawals, cash disbursed in cashing of checks, and bank cash deposits; and(c) Copies of any agreements between the licensed check casher and third parties relative to check cashing activities.(4) A licensed foreign transmittal agency shall also maintain, at a minimum, the following records:(a) Bank account statements including, but not limited to, paid checks, charges or other debits, deposit slips, and other credits representing the entries reflected on such statements;(b) A system of books and records that will enable the foreign transmittal agency to prepare an accurate balance sheet and income statement;(c) Daily work records, including purchase and sales slips or other documentation needed to identify and reconstruct foreign transmittal transactions with customers and foreign banks including, but not limited to, documentation evidencing that a transfer was made to the designated recipient in the original transfer amount; and(d) Copies of any agreements between the licensed foreign transmittal agency and third parties relative to foreign transmittal activities.(5) Each licensee shall preserve its books and records for inspection for a minimum of three years.(6) Each licensee shall make such other statements and reports to the Commissioner as he or she may require in addition to the statements and reports required by law. The Commissioner may furnish blank forms for all such statements or reports.Amended by Mass Register Issue 1321, eff. 9/9/2016.Amended by Mass Register Issue 1408, eff. 1/10/2020.