2011 Kentucky Revised Statutes Subtitle 11. Money Transmitters 286.11.031 Filing and maintenance of reports required by federal and state law governing money laundering.
KY Rev Stat § 286.11.031 (1996 through Reg Sess) What's This?
286.11-031 Filing and maintenance of reports required by federal and state law
governing money laundering.
(1)
(2)
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.
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: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 844, effective July 15, 2010. -- Created
2006 Ky. Acts ch. 247, sec. 16, effective April 24, 2006.
Legislative Research Commission Note (7/12/2006). This section was created in 2006
Ky. Acts ch. 247 as a new section of KRS Chapter 366A. Sec. 38 of that same bill
also required that all sections of KRS Chapters 287, 288, 290, 291, 294, 366, 366A,
and 368 be renumbered as sections of a single KRS chapter entitled the "Kentucky
Financial Services Code." Therefore, the Statute Reviser, acting under KRS 7.136(1),
has codified this section as a new section of KRS Chapter 286.
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