Florida Statutes 560.211 – Required records
Current as of: 2024 | Check for updates
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(1) In addition to the record retention requirements under s. 560.1105, each licensee under this part must make, keep, and preserve the following books, accounts, records, and documents for 5 years:
For details, see Fla. Stat. § 775.082(3)(e)
(a) A daily record of payment instruments sold and of currency, monetary value, payment instruments, or virtual currency transmitted.
Attorney's Note
Under the Florida Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Felony of the third degree | up to 5 years | up to $5,000 |
Terms Used In Florida Statutes 560.211
- Currency: means the coin and paper money of the United States or of any other country which is designated as legal tender and which circulates and is customarily used and accepted as a medium of exchange in the country of issuance. See Florida Statutes 560.103
- Licensee: means a person licensed under this chapter. See Florida Statutes 560.103
- Monetary value: means a medium of exchange, other than virtual currency, regardless of whether it is redeemable in currency. See Florida Statutes 560.103
- Payment instrument: means a check, draft, warrant, money order, travelers check, electronic instrument, or other instrument used for the transmission, exchange, or payment of currency or monetary value, regardless of whether it is negotiable. See Florida Statutes 560.103
- Person: means an individual, partnership, association, trust, corporation, limited liability company, or other group, however organized, but does not include a public agency or instrumentality thereof. See Florida Statutes 560.103
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Virtual currency: means a medium of exchange in electronic or digital format that is not currency. See Florida Statutes 560.103
(b) A general ledger containing all asset, liability, capital, income, and expense accounts, which shall be posted at least monthly.
(c) Daily settlement records received from authorized vendors.
(d) Monthly financial institution statements and reconciliation records.
(e) Records of outstanding payment instruments and of currency, monetary value, payment instruments, or virtual currency transmitted.
(f) Records of each payment instrument paid and of currency, monetary value, payment instruments, or virtual currency transmitted.
(g) A list of the names and addresses of all of the licensee’s authorized vendors.
(h) Records that document the establishment, monitoring, and termination of relationships with authorized vendors and foreign affiliates.
(i) Any additional records, as prescribed by rule, designed to detect and prevent money laundering.
(j) Any additional records, as prescribed by rule, related to virtual currency.