P.R. Laws tit. 10, § 2609
(a) Every authorized delegate has the duty to:
(1) Act according to the authorization granted through the contract executed with the licensee and in strict compliance with the latter's standards and procedures.
(2) Notify the licensee immediately after any theft or loss of payment instruments or money.
(3) Display in a conspicuous place at the office that he/she is an authorized delegate of a licensee under the provisions of this chapter, as well as the service charges for money transmissions.
(4) Immediately cease to operate as an authorized delegate of that licensee or take any required action upon receipt of a notice from the Commissioner or the licensee to such effects.
(5) Remit to the licensee any money from transmissions plus service charges:
(A) In accordance with the terms of the contract executed between the licensee and the authorized delegate, or
(B) as provided in the rules and regulations adopted under this chapter.
(6) Fully comply with the applicable federal and Commonwealth laws and regulations related to money transmitting businesses proposed by the applicant, including this chapter, and the applicable provisions of the “Bank Secrecy Act” and the “U.S.A. Patriot Act”.
(7) File a money transaction or suspicious activity report, as required by the “Bank Secrecy Act” and the “U.S.A. Patriot Act”, whenever necessary.
(8) Establish standards and procedures as necessary to comply with the provisions of the OFAC.
(b) No authorized delegate shall:
(1) Make money advances to the client as loan to later charge for such service.
(2) Enter into a contract with a third party to provide money transmission services on behalf of the licensee.
(3) Provide money transmission services outside the scope of activity permissible under the contract between the authorized delegate and the licensee.
(4) Carry out money transactions knowing that any portion of the money was derived from unlawful activities or transactions.
(c) Any business requiring a license under this chapter and conducted by an authorized delegate outside the scope of specific powers granted in the contract executed with the licensee shall be deemed to be a business that operates without a license.
(d) Violations of any of the provisions of this chapter, or the rules or regulations promulgated thereunder, shall suffice for the Commissioner to order the immediate cancellation of all contracts executed between the authorized delegate and the licensee.
History —Sept. 21, 2010, No. 136, § 3.9, eff. 60 days after Sept. 21, 2010.