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 with the same customer within 15 days. Additionally, all cash transactions of $1,000 or more must be recorded and maintained for five years, with annual records submitted at the time of license renewal. The bill also stipulates that any person who knowingly attempts to evade these reporting requirements will face criminal penalties, including a Class C felony for a first offense and a Class B felony for subsequent violations.

Furthermore, the bill introduces civil penalties for violations, allowing the commission to impose fines of up to $5,000 for each day a violation remains outstanding. The 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. The amendments include the insertion of new reporting requirements and penalties while deleting outdated language related to record-keeping.

Statutes affected:
Engrossed: 8-7A-13