17:15C-10 Keeping of records required.
10. a. Each licensee, shall make, keep and preserve the following books, accounts and other records for a period of three years:
(1)a record of each payment instrument sold;
(2)a general ledger containing all assets, liabilities, capital, income and expense accounts (which general ledger shall be posted at least monthly);
(3)settlement sheets received from authorized delegates;
(4)bank statements and bank reconciliation records;
(5)records of outstanding payment instruments;
(6)records of each payment instrument paid within the three-year period;
(7)a list of names and addresses of all of the licensee's authorized delegates;
(8)a list of all countries to which money is transmitted or from which money is received for transmission;
(9)a list of the names and addresses of all clearing banks through which the licensee's money transmission business is conducted; and
(10)such other books and records as the commissioner may require by regulation.
b.Maintenance of the documents required by this section in a photographic, electronic or other similar form shall constitute compliance with this section.
c.Each licensee shall maintain the records it is required to maintain pursuant to 31 C.F.R. s.103.11 et seq.
d.The records of the licensee regarding business regulated under this act shall be maintained at its principal place of business or, with notice to the commissioner, at another location designated by the licensee. If the records are maintained outside this State, the commissioner may require that the licensee reimburse the department for the travel costs incurred in the examination or investigation of those records or may require that the licensee make those records available to the commissioner at the commissioner's office not more than seven business days after demand. The commissioner may further require that those records be accompanied by an individual who will be available to answer questions regarding those records and the business regulated under this act. The commissioner may require the appearance of a specific individual, or request that the licensee designate an individual with knowledge of the records and the business.
L.1998,c.14,s.10.
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Last modified: October 11, 2016