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Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1943. Records

Current as of January 01, 2025 | Updated by Findlaw Staff

<Section becomes effective July 1, 2026>

A. A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:

1. A record of each outstanding money transmission obligation sold;

2. A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;

3. Bank statements and bank reconciliation records;

4. Records of outstanding money transmission obligations;

5. Records of each money transmission obligation paid within the three-year period;

6. A list of the last known names and addresses of all of the licensee's authorized delegates;  and

7. Any other records the Commission reasonably requires by regulation.

B. The items specified in subsection A shall be maintained in written or electronic form.

C. Records specified in subsection A may be maintained outside the Commonwealth if they are made accessible to the Commission on seven business days' written notice.

D. All records maintained by the licensee as required in this section are open to inspection by the Commission pursuant to § 6.2-1926.

E. Each licensee shall maintain policies and procedures sufficient for it to comply with this chapter and all other laws and regulations applicable to the conduct of its licensed business.

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Cite this article: FindLaw.com - Virginia Code Title 6.2. Financial Institutions and Services § 6.2-1943. Records - last updated January 01, 2025 | https://codes.findlaw.com/va/title-6-2-financial-institutions-and-services/va-code-sect-6-2-1943/

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