Louisiana Revised Statutes 6:1391.2 – Compliance policies and procedures
Terms Used In Louisiana Revised Statutes 6:1391.2
- Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1382
- Licensee: means a person licensed pursuant to this Chapter. See Louisiana Revised Statutes 6:1382
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Louisiana Revised Statutes 6:1382
- Virtual currency: means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender. See Louisiana Revised Statutes 6:1382
A. Any licensee engaging in virtual currency business activity in this state shall adopt and implement appropriate compliance policies and procedures, as part of the required books, records, and accounts, as determined by the commissioner by rule or pursuant to this Chapter.
B. The policies and procedures shall be in writing and reviewed and approved by the licensee’s board of directors or an equivalent governing body and include, at a minimum, policies and procedures covering anti-fraud, anti-money laundering, cybersecurity, privacy, and information security, and such other policies and procedures as may be required by the commissioner by rule or pursuant to this Chapter.
C. A licensee shall designate a qualified individual or individuals who is responsible for coordinating and monitoring compliance with this Section and all other applicable state and federal laws, rules, and regulations.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.