Florida Senate - 2009                        COMMITTEE AMENDMENT
       Bill No. SB 1534
       
       
       
       
       
       
                                Barcode 716104                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: FAV            .                                
                  03/17/2009           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Banking and Insurance (Storms) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 9 and 10
    4  insert:
    5         Section 1. Subsection (3) of section 560.123, Florida
    6  Statutes, is amended to read:
    7         560.123 Florida Control of Money Laundering in Money
    8  Services Business Act.—
    9         (3) A money services business shall must keep a record of
   10  each every financial transaction occurring known to it which
   11  occurs in this state which it knows to involve; involves
   12  currency or other monetary payment instrument, as prescribed by
   13  the commission rule, having a value greater than $10,000; to
   14  involve and involves the proceeds of specified unlawful
   15  activity; or to be is designed to evade the reporting
   16  requirements of this section or chapter 896. The money services
   17  business must maintain appropriate procedures to ensure
   18  compliance with this section and chapter 896.
   19         (a) Multiple financial transactions shall be treated as a
   20  single transaction if the money services business has knowledge
   21  that they are made by or on behalf of any one person and result
   22  in cash in or cash out totaling more than $10,000 during any
   23  day.
   24         (b) A money services business may keep a record of any
   25  financial transaction occurring in this state, regardless of the
   26  value, if it suspects that the transaction involves the proceeds
   27  of unlawful activity.
   28         (c) The money services business must file a report with the
   29  office of any records required by this subsection, at such time
   30  and containing such information as required by rule. The timely
   31  filing of the report required by 31 U.S.C. s. 5313 with the
   32  appropriate federal agency shall be deemed compliance with the
   33  reporting requirements of this subsection unless the reports are
   34  not regularly and comprehensively transmitted by the federal
   35  agency to the office.
   36         (d) A money services business, or officer, employee, or
   37  agent thereof, that files a report in good faith pursuant to
   38  this section is not liable to any person for loss or damage
   39  caused in whole or in part by the making, filing, or
   40  governmental use of the report, or any information contained
   41  therein.
   42  
   43  ================= T I T L E  A M E N D M E N T ================
   44         And the title is amended as follows:
   45         Delete line 2
   46  and insert:
   47  An act relating to money services businesses; amending s.
   48  560.123, F.S.; requiring that a money services business keep
   49  records of certain transactions; amending