217.07 Reporting and records.

680 words·~3 min read·/wi/chapter-217/217-07

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Report of condition. Each licensee shall submit a report of condition no later than 45 days after the end of each calendar quarter, unless a longer period is authorized by the division. The report of condition shall include all of the following:

(a)Financial information at the licensee level.

(b)Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States in which the licensee is licensed to engage in money transmission.

(c)A permissible investments report.

(d)Transaction destination country reporting for money received for transmission, if applicable. This requirement applies only to a report of condition submitted within 45 days of the end of the 4th calendar quarter.

(e)Any other information the division reasonably requires with respect to the licensee.

(2)Audited financials.

(a)Each licensee shall submit audited financial information no later than 90 days after the end of each fiscal year, unless a longer period is authorized by the division. The submission shall include an audited financial statement of the licensee for the fiscal year prepared in accordance with U.S. generally accepted accounting principles, together with any other information the division may reasonably require with respect to the licensee.

(b)The audited financial statement shall be prepared by an independent certified public accountant or independent public accountant satisfactory to the division and shall be accompanied by a certificate of opinion that is satisfactory to the division. If the certificate of opinion is qualified, the division may order the licensee to take any action the division finds necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.

(3)Report of authorized delegates. Each licensee shall submit a report of authorized delegates no later than 45 days after the end of each calendar quarter, unless a longer period is authorized by the division. The report of authorized delegates shall include all of the following, if applicable:

(a)Contact information for each authorized delegate of the licensee, including each authorized delegate’s legal name, any fictitious or trade name, employer identification number, principal provider identifier, physical address, mailing address, primary contact person, telephone number, email address, start date as the licensee’s authorized delegate, and end date, if any.

(b)Information concerning each authorized delegate’s business in other states, including whether any court or regulatory authority has prohibited the authorized delegate from acting as an authorized delegate in any jurisdiction.

(c)Any other information the division reasonably requires with respect to the licensee’s authorized delegates.

(4)Reports of certain events.

(a)A licensee shall file a report with the division within one business day after the licensee has reason to know of the occurrence of any of the following events:

1. The filing of a petition by or against the licensee under the U.S. Bankruptcy Code, 11 USC 101 to 110 , for bankruptcy or reorganization.

2. The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.

3. The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.

(b)A licensee shall file a report with the division within 3 business days after the licensee has reason to know that the licensee or a key individual, person in control, or authorized delegate of the licensee has been charged with or convicted of a felony.

(5)Bank Secrecy Act reports. A licensee and an authorized delegate shall comply with all federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal and state laws pertaining to money laundering.

(6)Records.

(a)A licensee shall maintain all of the following records for at least 3 years:

1. A record of each outstanding money transmission obligation sold.

2. A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts.