Regulatory Alerts2009-02-03
Added · Updated
CKC 01-09 Records Retention Schedule Policy
The Louisiana Office of Financial Institutions issued Policy CKC-01-09 to establish a mandatory records retention schedule for licensed check cashers operating under state law. Licensees must prominently display current licenses and fee notices while preserving specific documentation verifying compliance with statutory check cashing fee limits, general banking records, and Money Services Business requirements. The policy mandates a standard two-year retention period for most records, extends it to five years for Suspicious Activity Reports and supporting documents, and permits electronic storage provided records remain readily accessible.
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