Section 33.31 - What Records Must I Keep Related to Currency Exchange Transactions?(a) Does this section apply to me? This section applies if you hold a license issued by the department under Finance Code, Chapter 152, or are the authorized delegate of a license holder, as applicable, and you conduct currency exchange transactions.(b) What are the general recordkeeping requirements?(1) As a general matter, you must maintain:(A) records of all filings made, and that contain all information required, under applicable federal laws and regulations, including the BSA and 31 CFR Chapter X;(B) in addition to the records required under Finance Code, Chapter 152, the records required under this section related specifically to currency exchange transactions; and(C) records sufficient to enable you to file accurate and complete reports with the commissioner or department in accordance with Finance Code, Chapter 152 and Chapter 33 of this title (relating to Money Services Businesses).(2) You must obtain and retain the information required under this section in a log or by another means of retention that allows the information to be readily retrieved. In addition, you must: (A) maintain your records in such a manner that you can identify and make available to the department the records related to your Texas transaction activity, and separately account for your Texas transaction activity; and(B) make your records available to the department within the time period reasonably requested.(c) What specific records must I keep related to currency exchange? (1) With respect to currency exchange transactions in an amount in excess of $1,000, you must keep a record for each transaction that contains: (A) the customer and transaction information required under RSA 1022.410(b)(3), provided that, if your customer does not have a taxpayer identification number (e.g., social security, employee identification number) or passport number and is an alien, you may provide the number and description of an alternate valid entry document issued by a U.S. Federal or state government, such as a border crossing card; and(B) the specific identifying information (number, type, issuer) of a document that contains the name and a photograph of your customer and that is customarily acceptable within the banking community as means of identification when cashing checks for nondepositors;(C) your customer's date of birth;(D) the rate of exchange;(E) the amount of any fee charged for the transaction;(F) the location of the office where the transaction is conducted;(G) information sufficient to identify your employee or representative who conducts the transaction, such as initials, unique employee or representative code, or other appropriate identifier and a corresponding legend, if necessary; and(H) the unique number of the receipt required under § RSA 33.33 of this title (relating to Currency Exchange Receipts).(2) With respect to a transaction subject to paragraph (1) of this subsection, you must ask your customer whether the customer is conducting the transaction on the customer's own behalf or on behalf of another person (individual or business). If your customer is conducting the transaction on behalf of another person, you must, in addition to the information required under paragraph (1)(A) - (H) of this subsection, obtain and record the name and address of the other person together with appropriate identification for the other person, such as taxpayer identification, passport, or alien registration number.(3) With respect to currency exchange transactions in an amount of $1,000 or less, you must keep a record for each transaction that contains: (A) the date and amount of the transaction;(B) the currency names and total amount of each currency;(C) the location of the office where the transaction is conducted;(D) the rate of exchange; and(E) the amount of fee charged for the transaction.(d) May I obtain a waiver of the recordkeeping requirements? The commissioner may waive any requirement of this section upon a showing of good cause if the commissioner determines that: (1) you maintain records sufficient for the department to examine your currency exchange business; and(2) the imposition of the requirement would cause an undue burden on you and conformity with the requirement would not significantly advance the state's interest under Finance Code, Chapter 152.7 Tex. Admin. Code § 33.31
The provisions of this §33.31 adopted to be effective August 31, 2006, 31 TexReg 6643; amended to be effective July 8, 2010, 35 TexReg 5805; amended to be effective May 5, 2011, 36 TexReg 2724; Amended by Texas Register, Volume 43, Number 26, June 29, 2018, TexReg 4452, eff. 7/5/2018; Amended by Texas Register, Volume 48, Number 45, November 10, 2023, TexReg 6584, eff. 11/16/2023