KRS 286.11-031: Filing and maintenance of reports required by federal and state law

governing money laundering.

(1) Every licensee and its agent shall file with the commissioner all reports by federal

currency reporting, recordkeeping, and suspicious transaction r eporting

requirements as set forth in the Bank Secrecy Act, 31 U.S.C. secs. 5311 to 5332, 31

C.F.R. pt. 103, and other federal and state laws pertaining to money laundering, for

every transaction in this state. Every licensee and its agent shall maintain c opies of

these reports in its records in compliance with KRS 286.11-029.

(2) The timely filing of a complete and accurate report required under subsection (1) of

this section with the appropriate federal agency is deemed compliance with the

requirements of subsection (1) of this section, unless the commissioner notifies the

licensee that reports of the type required in subsection (1) of this section are not

being regularly and comprehensively transmitted to the federal agency.