Sec. 06.55.607. Unlicensed persons.
(a) If the department has reason to believe that a person has violated or is violating AS 06.55.101 or 06.55.201, the department may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of AS 06.55.101 or 06.55.201. (b) […]
Sec. 06.55.401. Authority to conduct examinations.
(a) The department may conduct an annual examination of a money services licensee or of any of its authorized delegates upon 45 days’ notice in a record to the money services licensee. (b) The department may examine a money services licensee or its authorized delegate, at any time, without notice, if the department has reason […]
Sec. 06.55.402. Cooperation.
The department may consult and cooperate with other state money services regulators in enforcing and administering this chapter. The department and other state money service regulators may jointly pursue examinations and take other official action that they are otherwise empowered to take.
Sec. 06.55.403. Reports.
(a) A money services licensee shall file with the department within 15 business days any material changes in information provided in a money services licensee’s application as prescribed by the department. (b) A money services licensee shall file with the department within 45 days after the end of each fiscal quarter a current list of […]
Sec. 06.55.404. Change of control.
(a) A money services licensee shall (1) give the department notice in a record of a proposed change of control within 15 days after learning of the proposed change of control; (2) request approval of the acquisition; and (3) submit a nonrefundable fee with the notice. (b) After review of a request for approval under […]
Sec. 06.55.405. Records.
(a) A money services licensee shall maintain the following records for determining its compliance with this chapter for at least three years: (1) a record of each payment instrument or stored-value obligation sold; (2) a general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts; (3) bank statements and bank […]
Sec. 06.55.406. Money laundering reports.
(a) A money services licensee and an authorized delegate shall file with the attorney general all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set out in 31 U.S.C. 5311 and other federal and state laws pertaining to money laundering. (b) The timely filing of a complete and accurate […]
Sec. 06.55.407. Confidentiality.
(a) Except as otherwise provided in (b) of this section, all information or reports obtained by the department from an applicant, a licensee, or an authorized delegate are confidential and not subject to disclosure under AS 40.25.100 – 40.25.295, including (1) all information contained in or related to examination, investigation, operating, or condition reports prepared […]
Sec. 06.55.501. Maintenance of permissible investments.
(a) A money services licensee shall maintain at all times permissible investments that have a market value computed under generally accepted accounting principles of not less than the aggregate amount of all of its outstanding payment instruments and stored value obligations issued or sold in all states and money transmitted from all states by the […]
Sec. 06.55.502. Types of permissible investments.
(a) Except to the extent otherwise limited by the department under AS 06.55.501, the following investments are permissible under AS 06.55.501: (1) cash, a certificate of deposit, or a senior debt obligation of an insured depository institution; in this paragraph, “insured depository institution” has the meaning given in 12 U.S.C. 1813 (Federal Deposit Insurance Act); […]