N.J. Admin. Code § 3:27-6.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:27-6.1 - Maintenance of books, records, and accounts

(a) Each licensee shall make, keep, and preserve in English the following books, accounts, and other records for a period of three years:

1. A record of each payment instrument sold and a record of each money transmission sent or accepted, including the name and address of each recipient;

2. A general ledger containing all assets, liabilities, capital, income and expense accounts (which general ledger shall be posted at least monthly and all books closed quarterly);

3. Settlement sheets received from authorized delegates containing the date, name of delegate, name of customer, the amount of the transmission, the country to which it was transmitted and the fee charged for the transmission;

4. All bank statements and bank reconciliation records relating to the business of money transmission;

5. Records of outstanding payment instruments;

6. Records of each payment instrument paid within the three-year period;

7. Records of completed money transmissions;

8. Records of outstanding money transmission orders;

9. A list of names and addresses of all of the licensee's authorized delegates;

10. A list of all countries to which money is transmitted or from which money is received for transmission;

11. A list of the names and addresses of all clearing banks through which the licensee's money transmission business is conducted;

12. Records of all numbers including voids, for numbered money transmission forms and records of all characters or other information including voids, which identify non-numbered money transmission forms;

13. All records required to be maintained pursuant to 31 CFR Part 1022.400 to 1022.420; and

14. Records of all events reported to the OFAC in compliance with all reporting requirements of OFAC.

(b) Maintenance of the documents required by this section in a photographic, electronic or other similar form shall constitute compliance with this section.

(c) The records of the licensee regarding business regulated under the Act shall be maintained at its principal place of business or, with notice to the Commissioner, at another location designated by the licensee. If the records are maintained outside this State, the Commissioner may require that the licensee reimburse the Department for the travel costs incurred in the examination or investigation of those records or may require that the licensee make those records available to the Commissioner at the licensee's principal place of business or at the Commissioner's office within three business days of the demand. The Commissioner may further require that those records be accompanied by an individual, on behalf of the licensee, who will be available to answer questions regarding those records and the business regulated under the Act. The Commissioner may require the appearance of a specific individual, or request that the licensee designate an individual with knowledge of the records and the business.

N.J. Admin. Code § 3:27-6.1

Amended by 55 N.J.R. 825(a), effective 5/1/2023