The Florida Senate

655.50  Florida Control of Money Laundering in Financial Institutions Act; reports of transactions involving currency or monetary instruments; when required; purpose; definitions; penalties.--

(1)  This section may be cited as the "Florida Control of Money Laundering in Financial Institutions Act."

(2)  It is the purpose of this section to require submission to the office of certain reports and maintenance of certain records of transactions involving currency or monetary instruments when such reports and records deter the use of financial institutions to conceal the proceeds of criminal activity and have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.

(3)  As used in this section, the term:

(a)  "Currency" means currency and coin of the United States or of any other country.

(b)  "Financial institution" means a financial institution, as defined in 31 U.S.C. s. 5312, including a credit card bank, located in this state.

(c)  "Financial transaction" means a transaction involving the movement of funds by wire or other means or involving one or more monetary instruments, which in any way or degree affects commerce, or a transaction involving the use of a financial institution which is engaged in, or the activities of which affect, commerce in any way or degree.

(d)  "Monetary instruments" means coin or currency of the United States or of any other country, travelers' checks, personal checks, bank checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments in bearer form or otherwise in such form that title thereto passes upon delivery.

(e)  "Transaction" means a purchase, sale, loan, pledge, gift, transfer, delivery, or other disposition, and with respect to a financial institution includes a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected.

(f)  "Report" means a report of each deposit, withdrawal, exchange of currency, or other payments or transfer, by, through, or to that financial institution, that involves a transaction required or authorized to be reported by this section, and includes the electronic submission of such information in the manner provided for by rule of the commission.

(g)  "Specified unlawful activity" means any "racketeering activity" as defined in s. 895.02

(4)(a)  Every financial institution shall keep a record of each financial transaction occurring in this state known to it to involve currency or other monetary instrument, as the commission prescribes by rule, of a value in excess of $10,000, to involve the proceeds of specified unlawful activity, or to be designed to evade the reporting requirements of this section, chapter 896, or any similar state or federal law and shall maintain appropriate procedures to ensure compliance with this section, chapter 896, and any other similar state or federal law.

(b)  Multiple financial transactions shall be treated as a single transaction if the financial institution has knowledge that they are made by or on behalf of any person and result in either cash in or cash out totaling more than $10,000 during any business day, as defined in s. 655.89

(c)  Any financial institution may keep a record of any financial transaction occurring in this state, regardless of the value, if it suspects the transaction to involve the proceeds of specified unlawful activity.

(d)  A financial institution, or officer, employee, or agent thereof, that files a report in good faith pursuant to this section is not liable to any person for loss or damage caused in whole or in part by the making, filing, or governmental use of the report, or any information contained therein.

(5)(a)  Each financial institution shall file a report with the office of the record required under paragraphs (4)(a) and (b) and any record maintained pursuant to paragraph (4)(c). Each record filed pursuant to subsection (4) must be filed at such time and contain such information as the commission requires by rule.

(b)  The timely filing of the report required by 31 U.S.C. s. 5313 with the appropriate federal agency is deemed compliance with the reporting requirements of this subsection unless the reports are not regularly and comprehensively transmitted by the federal agency to the office.

(6)  Each financial institution shall maintain a record of each designation of a person granted exemption under the authority of 31 U.S.C. s. 5313, including any name, address, and taxpayer identification number of the exempt person, as well as the name and address of the financial institution and the signature of the financial institution official designating the exempt person. Such record of exemptions shall be made available to the office for inspection and copying and shall be submitted to the office within 15 days after request.

(7)  All reports and records filed with the office pursuant to this section are confidential and exempt from s. 119.07(1). However, the office shall provide any report filed pursuant to this section, or information contained therein, to federal, state, and local law enforcement and prosecutorial agencies, and any federal or state agency responsible for the regulation or supervision of financial institutions.

(8)(a)  Each financial institution shall maintain for a minimum of 5 calendar years full and complete records of all financial transactions, including all records required by 31 C.F.R. parts 103.33 and 103.34.

(b)  The financial institution shall retain a copy of all reports filed with the office under subsection (4) for a minimum of 5 calendar years after submission of the report.

(c)  The financial institution shall retain a copy of all records of exemption for each designation of exempt person made pursuant to subsection (6) for a minimum of 5 calendar years after termination of exempt status of such customer.

(9)  In addition to any other power conferred upon it to enforce and administer this chapter and the financial institutions codes, the office may:

(a)  Bring an action in any court of competent jurisdiction to enforce or administer this section. In such action, the office may seek award of any civil penalty authorized by law and any other appropriate relief at law or equity.

(b)  Pursuant to s. 655.033, issue and serve upon a person an order requiring such person to cease and desist and take corrective action whenever the office finds that such person is violating, has violated, or is about to violate any provision of this section, chapter 896, or any similar state or federal law; any rule or order adopted under this section, chapter 896, or any similar state or federal law; or any written agreement related to this section, chapter 896, or any similar state or federal law and entered into with the office.

(c)  Pursuant to s. 655.037, issue and serve upon any person an order of removal whenever the office finds that such person is violating, has violated, or is about to violate any provision of this section, chapter 896, or any similar state or federal law; any rule or order adopted under this section, chapter 896, or any similar state or federal law; or any written agreement related to this section, chapter 896, or any similar state or federal law and entered into with the office.

(d)  Impose and collect an administrative fine against any person found to have violated any provision of this section, chapter 896, or any similar state or federal law; any rule or order adopted under this section, chapter 896, or any similar state or federal law; or any written agreement related to this section, chapter 896, or any similar state or federal law and entered into with the office, in an amount not exceeding $10,000 a day for each willful violation or $500 a day for each negligent violation.

(10)(a)  Except as provided in paragraph (b), a person who willfully violates any provision of this section is guilty of a misdemeanor of the first degree, punishable as provided in s. 775.082 or s. 775.083

(b)  A person who willfully violates or knowingly causes another to violate any provision of this section, when the violation involves:

1.  Financial transactions totaling or exceeding $300 but less than $20,000 in any 12-month period, is guilty of a felony of the third degree, punishable as provided in s. 775.082 or s. 775.083; or

2.  Financial transactions totaling or exceeding $20,000 but less than $100,000 in any 12-month period is guilty of a felony of the second degree, punishable as provided in s. 775.082 or s. 775.083; or

3.  Financial transactions totaling or exceeding $100,000 in any 12-month period is guilty of a felony of the first degree, punishable as provided in s. 775.082 or s. 775.083

(c)  In addition to the penalties otherwise authorized by ss. 775.082 and 775.083, a person who has been convicted of or who has pleaded guilty or nolo contendere to having violated paragraph (b) may be sentenced to pay a fine not exceeding $250,000 or twice the value of the financial transaction, whichever is greater, except that on a second or subsequent conviction for or plea of guilty or nolo contendere to a violation of paragraph (b), the fine may be up to $500,000 or quintuple the value of the financial transaction, whichever is greater.

(d)  A financial institution as defined in s. 655.005 that willfully violates this section is also liable for a civil penalty of not more than the greater of the value of the financial transaction involved or $25,000. However, the civil penalty may not exceed $100,000.

(e)  A person other than a financial institution as defined in s. 655.005 who violates this section is also liable for a civil penalty of not more than the greater of the value of the financial transaction involved or $25,000.

(11)  In any prosecution brought pursuant to this section, the common law corpus delicti rule does not apply. The defendant's confession or admission is admissible during trial without the state having to prove the corpus delicti if the court finds in a hearing conducted outside the presence of the jury that the defendant's confession or admission is trustworthy. Before the court admits the defendant's confession or admission, the state must prove by a preponderance of the evidence that there is sufficient corroborating evidence that tends to establish the trustworthiness of the statement by the defendant. Hearsay evidence is admissible during the presentation of evidence at the hearing. In making its determination, the court may consider all relevant corroborating evidence, including the defendant's statements.

History.--s. 11, ch. 84-216; s. 1, ch. 85-65; s. 6, ch. 85-82; s. 1, ch. 87-192; s. 1, ch. 89-319; s. 73, ch. 91-282; s. 1, ch. 91-307; ss. 1, 3, 39, ch. 92-303; s. 80, ch. 94-209; s. 86, ch. 95-211; s. 8, ch. 96-252; s. 8, ch. 96-260; s. 413, ch. 96-406; s. 5, ch. 97-78; s. 14, ch. 2000-360; s. 13, ch. 2001-64; s. 6, ch. 2001-243; s. 1729, ch. 2003-261; s. 25, ch. 2004-335; s. 8, ch. 2004-391; s. 10, ch. 2005-209; s. 5, ch. 2006-168.