The bill amends Section 8-7A-13 of the Code of Alabama 1975 to enhance the reporting and record-keeping requirements for money transmission businesses regarding cash transactions. New provisions require licensees to notify the Alabama Securities Commission of suspicious cash transactions involving aggregate funds of $2,000 or more within 30 days, as well as cash transactions of $10,000 or more within 15 days. Additionally, all cash transactions of $1,000 or more must be recorded and maintained for five years, with annual records submitted during license renewal. The bill also stipulates that licensees must comply with federal regulations for transactions of $3,000 or more.

The legislation introduces civil and criminal penalties for violations of these reporting requirements, classifying attempts to evade the reporting obligations as a Class C felony for first offenses and a Class B felony for subsequent violations. The Alabama Securities Commission is authorized to assess civil penalties of up to $5,000 per day for each outstanding violation. The bill also specifies that penalties collected, minus investigative costs, will be directed to the Sheriffs' Advancement in Education, Technology, and Training Fund. The act is set to take effect on October 1, 2025.

Statutes affected:
Engrossed: 8-7A-13