New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter B - NON-BANKING ORGANIZATIONS
Part 406 - Money Transmitters
Section 406.9 - Books and records

Universal Citation: 3 NY Comp Codes Rules and Regs ยง 406.9

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Each licensee shall make, keep and preserve its books and records in such form, in such manner and for such time as is in accordance with generally accepted accounting principles and in a condition which will allow the superintendent to determine whether the licensee and agent and subagent is complying with article XIII-B of the Banking Law. Preservation by photographic reproduction or in photographic form shall constitute compliance with the requirements of this Part.

(b) The books and records maintained by each licensee and agent shall include:

(1) a daily record of instruments sold by date;

(2) a general ledger containing all asset, liability, capital, income and expense accounts which general ledger shall be posted at least monthly;

(3) remittance reports received from agents and subagents;

(4) bank statements and bank reconciliation records which shall be kept for three years;

(5) outstanding money transmission instruments by year of sale shall be maintained for at least five years after the time which such instruments have been deemed, under the Abandoned Property Law, to be abandoned property;

(6) each money transmission instrument paid for a period of three years after the date of payment;

(7) a list of the names and addresses of all the agents who sell or issue its money transmission instruments and copies of its agency agreements thereunder.

(c) Every licensee shall:

(1) maintain the records relating to its money transmission instruments in New York; or

(2) provide the superintendent with a written and irrevocable authorization to examine, have access to, and retain copies of all its books and records, wherever maintained, relating to its money transmission instruments.

(d) Each licensee or agent and subagent which is engaged in any form of money transmission, as defined in section 406.2(a) of this Part, including any engaged exclusively in the sale or issuance of travelers checks and/or money orders, shall comply with Federal Bank Secrecy Act Regulations as set forth in 31 CFR part 103.28.

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