Section 286.11-031 - Filing and maintenance of reports required by federal and state law governing money laundering(1) Every licensee and its agent shall file with the commissioner all reports by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in the Bank Secrecy Act, 31 U.S.C. secs. 5311 to 5332, 31 C.F.R. pt. 103, and other federal and state laws pertaining to money laundering, for every transaction in this state. Every licensee and its agent shall maintain copies of these reports in its records in compliance with KRS 286.11-029.(2) The timely filing of a complete and accurate report required under subsection (1) of this section with the appropriate federal agency is deemed compliance with the requirements of subsection (1) of this section, unless the commissioner notifies the licensee that reports of the type required in subsection (1) of this section are not being regularly and comprehensively transmitted to the federal agency.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 844, effective7/15/2010. -- Created 2006, Ky. Acts ch. 247, sec. 16, effective 4/24/2006.