Regulatory Alerts2012-09-24
SC 01-04 Records Retention Schedule for Sale of Checks and Money Transmitters
The Louisiana Office of Financial Institutions issued Policy SC 01-04 to establish a mandatory five-year records retention schedule for licensed sale of checks and money transmitters. The policy mandates that these money service businesses preserve specific documentation, including IRS registration proofs, agent lists, Suspicious Activity Reports, anti-money laundering compliance programs, and currency transaction logs. Records may be stored electronically or physically, provided they remain accessible and subject to Commissioner review for examinations, investigations, or complaints.
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