La. Admin. Code tit. 42 § III-4010

Current through Register Vol. 50, No. 6, June 20, 2024

Section III-4010 - Designated Check Cashing Representative Currency Transaction Reporting

A. Each designated check cashing representative shall be responsible for proper reporting of certain monetary transactions to which it is a party to the federal government as required by the Bank Records and Foreign Transactions Act ( Public Law 91-508), (Bank Secrecy Act of 1970) as codified in 31 USC 5311 - 5323 (September 13, 1982) and 12 USC 1829 (September 21, 1950) and 1951-1959 (Oct. 26, 1970). Specific requirements concerning record keeping and reports are delineated in 31 CFR Chapter X (March 1, 2011) and shall be followed in their entirety. The Bank Secrecy Act of 1970 and the rules and regulations promulgated by the federal government pursuant to the Bank Secrecy Act of 1970 are adopted by reference and are to be considered incorporated in this Chapter.

B. Civil and criminal penalties may be assessed by the federal government for willful violations of the reporting requirements of the Bank Secrecy Act. These penalties may be assessed against the designated check cashing representative, as well as any director, partner, official or employee that participated in the above referenced violations.

C. All employees of the designated check cashing representative shall be prohibited from providing any information or assistance to patrons in an effort to aid the patron in circumventing any and all currency transaction reporting requirements to which it is a party.

D. Designated check cashing representative employees shall be responsible for preventing a patron from circumventing the currency transaction reporting requirements if the employee has knowledge, or through reasonable diligence in performing their duties, should have knowledge of the patron's efforts at circumvention.

E. For each required currency transaction report, a surveillance photograph of the patron shall be taken and attached to the licensee's, casino operator's, or the designated check cashing representative's copy of the currency transaction report. The employee consummating the transaction shall be responsible for contacting a surveillance department employee. The designated check cashing representative shall maintain and make available for inspection all copies of currency transaction reports, with the attached photographs, which it has prepared. The designated check cashing representative shall be responsible for maintaining a transaction log in compliance with all requirements of §2731 G

La. Admin. Code tit. 42, § III-4010

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1670 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.