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 at the time of license renewal. The bill also introduces civil and criminal penalties for violations, including a Class C felony for knowingly attempting to evade reporting requirements and civil penalties of up to $5,000 for each day a violation remains outstanding.

The bill deletes the term "record" from the existing law and replaces it with more specific requirements for maintaining records related to cash transactions. It also authorizes the Alabama Securities Commission to enforce these new provisions, ensuring compliance and accountability among licensees. The act is set to take effect on October 1, 2025.

Statutes affected:
Engrossed: 8-7A-13