Financial Code - FIN - FIN § 3303

Summary

(a) A licensee shall maintain, for all digital financial asset business activity with, or on behalf of, a resident for five years after the date of the activity, a record of all of the following: (1) Any transaction of the licensee with, or on behalf of, the resident or for the l

Text

(a)
A licensee shall maintain, for all digital financial asset business activity with, or on behalf of, a resident for five years after the date of the activity, a record of all of the following:
(1)
Any transaction of the licensee with, or on behalf of, the resident or for the licensee’s account in this state, including all of the following:
(A)
The identity of the resident.
(B)
The form of the transaction.
(C)
The amount, date, and payment instructions given by the resident.
(D)
The account number, name, and United States Postal Service mailing address of the resident, and, to the extent feasible, other parties to the transaction.
(2)
The aggregate number of transactions and aggregate value of transactions by the licensee with, or on behalf of, the resident and for the licensee’s account in this state expressed in United States dollar equivalent of digital financial assets for the previous 12 calendar months.
(3)
Any transaction in which the licensee exchanged one form of digital financial asset for legal tender or another form of digital financial asset with, or on behalf of, the resident.
(4)
A general ledger maintained at
least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee.
(5)
Any business call report the licensee is required to create or provide to the department.
(6)
Bank statements and bank reconciliation records for the licensee and the name, account number, and United States Postal Service mailing address of any bank the licensee uses in the conduct of its digital financial asset business activity with, or on behalf of, the resident.
(7)
A report of any dispute with the resident.
(8)
If applicable, a report maintained at least monthly that demonstrates compliance with Section 3601.
(b)
A licensee shall maintain records required by subdivision (a) in a form that enables the department to determine whether the licensee is in compliance with this division, any court order, and the laws of this state.
(c)
If a licensee maintains records outside this state that pertain to transactions with, or on behalf of, a resident, the licensee shall make the records available to the department not later than three days after request, or, on a determination by the department, at a later time.
(d)
All records maintained by a licensee are subject to inspection by the department.

Retrieval chunks

• #1 | Financial Code - FIN - FIN § 3303

  (a) A licensee shall maintain, for all digital financial asset business activity with, or on behalf of, a resident for five years after the date of the activity, a record of all of the following: (1) Any transaction of the licensee with, or on behalf of, the resident or for the licensee’s account in this state, inc…