Section 75-15-19 - Monthly report of total amount of outstanding money transmissions; annual financial statement; examination or audit of books and records; certain books and records to be maintained for five years(1)(a) Each licensee shall file with the commissioner within fifteen (15) days of the last business day of each month a report of the total amount of outstanding money transmissions in Mississippi. The principal sum of the surety bond or deposit required in Section 75-15-11 shall be adjusted, if appropriate, to reflect any changes in outstanding money transmissions. Licensees who maintain a surety bond in the principal sum of at least Five Hundred Thousand Dollars ($500,000.00) or a securities deposit having an aggregate market value of at least equal to Five Hundred Thousand Dollars ($500,000.00) shall be required to report the total amount of outstanding money transmissions in Mississippi on a quarterly basis.(b) Each licensee shall file an annual financial statement with the commissioner, audited by an independent certified public accountant or an independent registered accountant, within five (5) months after the close of the licensee's fiscal year. The financial statement shall include a balance sheet, a profit and loss statement, and a statement of retained earnings of the licensee and the licensee's agents resulting from the business of money transmission.(2) The commissioner may conduct or cause to be conducted an annual examination or audit of the books and records of any licensee at any time or times he deems proper, the cost of the examination or audit to be borne by the licensee. The refusal of access to the books and records shall be cause for the revocation of its license. The commissioner may charge the licensee an examination fee in an amount not less than Three Hundred Dollars ($300.00) nor more than Six Hundred Dollars ($600.00) for each licensed office, plus any actual expenses incurred while examining the licensee's records or books that are located outside the State of Mississippi.(3) Each licensee shall maintain the following books and records for a period of five (5) years and the books and records shall be available to the commissioner for inspection: (a) A record of each money transmission sold;(b) A general ledger, posted at least monthly, containing all assets, liabilities, capital, income and expense accounts;(c) Bank statements and bank reconciliation records;(d) Records of outstanding money transmissions;(e) Records of each money transmission paid within the five-year period;(f) A list of the names and addresses of all authorized agents; and(g) Any other records the commissioner may reasonably require by rule or regulation. The records required under this section may be maintained in photographic, electronic or other similar form.
(4) Each licensee must maintain a written Bank Secrecy Act/Anti-Money Laundering Program that complies with 31 CFR Section 103.125, if applicable.(5) The commissioner may conduct a joint examination with representatives of other departments or agencies of another state or with the federal government. The commissioner may accept an examination report of another state or of the federal government or a report prepared by a certified public accountant instead of conducting an examination. A joint examination or an acceptance of an examination report does not preclude the commissioner from conducting his own examination. The report of a joint examination or an examination report accepted by the commissioner under this section is an official report of the commissioner for all purposes.(6) The department may adopt the necessary administrative regulations, not inconsistent with state law, for the enforcement of this chapter.Codes, 1942, § 5131-10; Laws, 1966, ch. 257, § 10; Laws, 1995, ch. 373, § 3; Laws, 2000, ch. 621, § 10; Laws, 2003, ch. 340, § 3; Laws, 2007, ch. 397, § 1; Laws, 2010, ch. 448, § 10, eff. 7/1/2010.