2023 Laws of Puerto Rico › TITLE TEN - Commerce (§§ 1 — 4196) › Subtitle 3 - Business Regulations Generally (§§ 2001-2016 — 4196) › Chapter 303B - Money Service Business Regulatory Act (§§ 2581 — 2633) › Subchapter III - Money Transmitting Businesses (§§ 2601 — 2610) › § 2608 - Responsibilities of money transmitting business licensee

(a) Every licensee shall file a certified report with OCFI that includes the total number of money transmissions carried out, classified by authorized delegate and country of destination, in the format required by the Commissioner from time to time. Such report shall be required by the close of each calendar year and be filed on or before March 1 of the year following the close. The report shall be submitted electronically to the internet address that the Commissioner may determine from time to time.
(b) The licensee may engage in a money transmitting business in the Commonwealth of Puerto Rico through the authorized delegates he/she designates and authorizes in accordance to this section at the appropriate time.
(c) For a licensee to conduct a money transmitting business through an authorized delegate, he/she must:
(1) Adopt written business policies and procedures to ensure that authorized delegates operate in full compliance with applicable federal and Commonwealth laws related to money service businesses, including this chapter, the “Bank Secrecy Act”, and the “U.S.A. Patriot Act”.
(2) Adopt written business policies and procedures to ensure that authorized delegates operate in full compliance with the provisions of OFAC for money transmitting businesses.
(3) Require the following from authorized delegates:
(A) A debt certification issued by the Secretary of the Treasury.
(B) Evidence of municipal license payment for the location where the authorized delegate intends to operate the business.
(C) A criminal record certificate of the authorized delegate to be designated issued by the Puerto Rico Police Department.
(4) Execute a contract with the authorized delegate, which shall include at least the following provisions:
(A) Designation of the delegate as the person authorized to conduct the money transmitting business on behalf of the licensee.
(B) Nature and scope of the relationship between the licensee and the delegate, as well as the rights and responsibilities of both parties.
(C) Certification attesting that the delegate is familiar with all applicable federal and Commonwealth laws, regulations, and provisions related to money transmitting businesses, including this chapter, the “Bank Secrecy Act”, and the “U.S.A. Patriot Act”, and that he/she agrees to fully comply therewith.
(D) All that pertains to transmission and management of money received by the delegate.
(E) All that pertains to the establishment of a separate account for the management of the money received, in accordance with § 2607 of this title.
(F) A requirement for the delegate to prepare and maintain his/her documents and files as required herein or by the Commissioner or any other applicable law or regulation.
(G) Consent of the delegate to undergo examinations and/or investigations by the Commissioner.
(H) Acknowledgement that the licensee is subject to the Commissioner's regulations and that, as part of the latter's powers, the Commissioner may suspend or revoke the designation of a delegate or demand that the licensee withdraws the designation of an authorized delegate.
(I) Acknowledgement of the delegate that he/she received the licensee's written standards and procedures and that he/she agrees to adhere thereto.
(d) Any person and/or licensee shall be responsible for the payment of all the transmissions carried out either directly or through an authorized delegate.
(e) Every licensee shall file a quarterly report with OCFI including the name, residential address, business location, and social security or employer identification number, as applicable, of each new authorized delegate, and shall pay the amount of one hundred dollars ($100) on account of fees for every new authorized delegate. In such report, the licensee shall notify of any authorized delegates whose contracts have been cancelled, suspended, or rescinded. In the event that the licensee does not designate an authorize delegate in a particular quarter, or has no authorized delegates whose contracts have been cancelled, suspended, or rescinded, such licensee shall file a negative quarterly report.
All quarterly reports shall be filed with OCFI not later than thirty (30) days after March 31, June 30, September 30, and December 31 of each year.
History —Sept. 21, 2010, No. 136, § 3.8, eff. 60 days after Sept. 21, 2010.