{"data":{"id":"us-ks/k.s.a.-9-2313","jurisdiction":"us-ks","citation":"K.S.A. 9-2313","heading":"Custodial services; requirements.","body":"(a) A fiduciary financial institution may serve as a custodian, which may include serving as a qualified custodian, as defined by the United States securities and exchange commission in 17 C.F.R. § 275.206(4)-2, of an asset custody account. In performing custodial services under this section, a fiduciary financial institution shall:\n(1) Implement all accounting, account statement, internal control, notice and other standards specified by applicable state or federal law and rules and regulations for custodial services;\n(2) maintain information technology best practices relating to alternative assets held in custody;\n(3) fully comply with applicable federal anti-money laundering, customer identification and beneficial ownership requirements; and\n(4) take other actions necessary to comply with the requirements of this section.\n(b) Alternative asset custody accounts over which a fiduciary financial institution serves as a custodian or qualified custodian are not depository liabilities or assets of the fiduciary financial institution.\n(c) In performing custodial services under this section:\n(1) A fiduciary financial institution shall be a fiduciary and shall be subject to the duties and standards of utmost care and loyalty that are associated with serving as a fiduciary;\n(2) a fiduciary financial institution shall be deemed to be exercising fiduciary powers; and\n(3) all income earned by a fiduciary financial institution and derived from performing custodial services shall be deemed to be income derived from the exercise of fiduciary powers.","path":["Chapter 9.—BANKS AND BANKING; TRUST COMPANIES","Article 23.—TECHNOLOGY-ENABLED FIDUCIARY FINANCIAL INSTITUTIONS"],"source_url":"https://www.ksrevisor.gov/statutes/chapters/ch09/009_023_0013.html","current_through":"2025 legislative session","vintage":"","retrieved_at":"2026-09-04T15:10:05Z","sha256":"fe5f7f1d0f8c7fbf5def9715ec06f208938df8675f048c63be318089daa474b8","source_id":"us-ks","stale":false,"prev":"us-ks/k.s.a.-9-2312","next":"us-ks/k.s.a.-9-2314"},"notice":"GroundRules: Original legal text. Not legal advice."}