Current through Reg. 50, No. 187; September 24, 2024
(1) Requirement
to Report Currency Transactions:
(a) Every
financial institution shall file a report with the Office of Financial
Regulation (OFR) of each financial transaction occuring in the state known to
the financial institution which involves currency or other monetary instrument
that:
1. Has a value greater than
$10,000;
2. Involves the proceeds
of racketeering activity as that term is defined in section
895.02, F.S.; or
3. Is designed to evade the reporting
requirements of section
655.50, F.S., chapter 896, F.S.,
or similar state or federal law.
(b) The report shall be filed on Form
OFR-U-CTR Currency Transaction Report (8/2018), which is incorporated herein by
reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-09659.
(c) Any financial institution may file a
report with OFR of any financial transaction, regardless of the value of the
property involved, if it suspects the transaction to involve the proceeds of
specified unlawful activity. The report shall also be filed on Form OFR-U-CTR
and include as much of the information that is reasonably available at the time
the report is made.
(d) Reports of
currency transactions shall be filed with OFR no later than the 15th day after
the date of the transaction.
(2) Exemptions Allowed for Currency
Transactions:
(a) Financial institutions are
not required to file reports on transactions with exempt persons as provided in
31 C.F.R. §
1020.315.
(b) Financial institutions are not required
to designate the following persons as exempt: any of the twelve Federal Reserve
Banks or any exempt person described in
31 C.F.R. §
1020.315(b)(1) to
(3).
(3) Requirement to Report Suspicious
Activity:
(a) Every financial institution
shall file a report with OFR of any suspicious activity. The report shall be
filed on Form OFR-U-SAR Suspicious Activity Report (8/2018), which is
incorporated herein by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-09660.
(b) Any financial institution may file a
report of suspicious activity for any transaction that it believes is relevant
to the possible violation of any law or regulation. The report shall also be
filed on Form OFR-U-SAR and include as much of the information that is
reasonably available at the time the report is made.
(c) A report of suspicious activity shall be
filed with OFR no later than 30 calendar days after the date the financial
institution initially detects facts that may constitute a basis for filing the
report. If no suspect was identified on the date of the detection of the
incident requiring the filing, a financial institution may delay filing a Form
OFR-U-SAR for an additional 30 calendar days to identify a suspect. In no case
shall reporting be delayed more than 60 calendar days after the date of initial
detection of a reportable transaction. In situations involving violations that
require immediate attention, such as, for example, ongoing money laundering
schemes, the financial institution shall immediately notify, by telephone, an
appropriate law enforcement authority in addition to filing timely a Form
OFR-U-SAR.
(4) All
reports and designations filed pursuant to this rule shall be submitted
electronically to the Director of the Division of Financial Institutions,
Office of Financial Regulation at OFRFinancialInstitutions@flofr.com. The
filing shall be deemed received on the date the OFR issues a confirmation of
submission to the filer.
(5) The
timely filing of the reports required by
31 U.S.C. §
5313 and the timely filing of the reports
required by 31 C.F.R. Part 1020 with the appropriate federal agency is deemed
compliance with the reporting requirements of this rule.
Rulemaking Authority 655.012(2), 655.50(5) FS. Law
Implemented 655.50 FS.
New 1-22-85, Formerly 3C-1.22, Amended 10-18-90, Formerly
3C-1.022, 3C-100.005, Amended 9-11-18.
