South Carolina Code 35-11-525. Money laundering reports
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(A) A licensee and an authorized delegate shall file with the commissioner all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. § 5311 (1994), 31 C.F.R. § 103 (2000) and other federal and state laws pertaining to money laundering.
(B) The timely filing of a complete and accurate report required pursuant to subsection (A) with the appropriate federal agency is in compliance with the requirements of subsection (A), unless the commissioner notifies the licensee that reports of this type are not being regularly and comprehensively transmitted by the federal agency to the commissioner.
Terms Used In South Carolina Code 35-11-525
- Authorized delegate: means a person a licensee designates to provide money services on behalf of the licensee. See South Carolina Code 35-11-105
- Commissioner: means the South Carolina Attorney General. See South Carolina Code 35-11-105
- Licensee: means a person licensed pursuant to this act. See South Carolina Code 35-11-105
- Money: means a medium of exchange that is authorized or adopted by the United States or a foreign government. See South Carolina Code 35-11-105
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See South Carolina Code 35-11-105
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or a territory or insular possession subject to the jurisdiction of the United States. See South Carolina Code 35-11-105