{"data":{"id":"us-nd/n.d.-cent.-code-13-09.1-52","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 13-09.1-52","heading":"Prevention of fraudulent activity","body":"1.A virtual-currency kiosk operator shall use blockchain analytics software to assist in the detection and prevention of suspicious activity, including sending purchased virtual currency from a virtual-currency kiosk operator to a virtual-currency wallet known to be affiliated with fraudulent activity at the time of a transaction and identifying patterns that reflect money laundering or other illicit activity. The commissioner may request evidence from any virtual-currency kiosk operator of use of blockchain analytics.\n2.A virtual-currency kiosk operator shall take reasonable steps to detect and prevent fraud, including establishing and maintaining a written antifraud policy. The antifraud policy must include:\na.The identification and assessment of fraud-related risk areas;\nb.Procedures and controls to protect against identified risks;\nc.Allocation of responsibility for monitoring risks; and\nd.Procedures for the periodic evaluation and revision of the antifraud procedures, controls, and monitoring mechanisms.\n3.Each virtual-currency kiosk operator shall designate and employ a compliance officer with the following requirements:\na.The individual must be qualified to coordinate and monitor compliance with this chapter and all other applicable federal and state laws and rules;\nb.The individual must be employed full-time by the virtual-currency kiosk operator; and\nc.The designated compliance officer may not be an individual who owns more than twenty percent of the virtual-currency kiosk operator by whom the individual is employed.\n4.Compliance responsibilities required under federal and state laws and rules must be completed by full-time employees of the virtual-currency kiosk operator.\n5.A virtual-currency kiosk operator shall maintain, implement, and enforce a written enhanced due diligence policy. The policy must be reviewed and approved by the virtual-currency kiosk operator's board of directors or equivalent governing body.\n6.A virtual-currency kiosk operator shall designate and employ a consumer protection officer. The consumer protection officer:\na.Must be qualified to coordinate and monitor compliance with state and federal law;\nb.Must be employed full-time by the virtual-currency kiosk operator; and\nc.May not own more than twenty percent of the virtual-currency kiosk operator.","path":["Title 13 Debtor And Creditor Relationship","Chapter 13-09.1 Money Transmitters"],"source_url":"https://ndlegis.gov/cencode/t13c09-1.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"5bac46195e38d93693bfbae1f6964b7352fa6ab44072e5a77c992aebd9aed728","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-13-09.1-51","next":"us-nd/n.d.-cent.-code-13-09.1-53"},"notice":"GroundRules: Original legal text. Not legal advice."}