88R8306 MLH-F
By: Parker S.B. No. 766
A BILL TO BE ENTITLED
AN ACT
relating to the required preservation of certain records by a money
services business.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 151.602(a), Finance Code, is amended to
read as follows:
(a) A license holder must prepare, maintain, and preserve
the following books, accounts, and other records for at least five
years or another period as may be prescribed by rule of the
commission:
(1) a record of each money transmission transaction or
currency exchange transaction, as applicable;
(2) a general ledger posted in accordance with
generally accepted accounting principles containing all asset,
liability, capital, income, and expense accounts, unless directed
otherwise by the commissioner;
(3) bank statements and bank reconciliation records;
(4) all records and reports required by applicable
state and federal law, including the reporting and recordkeeping
requirements imposed by the Bank Secrecy Act, the USA PATRIOT ACT,
and Chapter 271, and other federal and state laws pertaining to
money laundering, drug trafficking, or terrorist funding; [and]
(5) a record of the government-issued photo
identification number of each person:
(A) sending currency, as that term is defined by
Section 151.301, through a money transmission transaction in an
amount of $100 or more; or
(B) receiving currency, as that term is defined
by Section 151.301, through a money transmission transaction in an
amount of $100 or more; and
(6) any other records required by commission rule or
reasonably requested by the commissioner to determine compliance
with this chapter.
SECTION 2. This Act takes effect September 1, 2023.