88R8306 MLH-F     By: Parker S.B. No. 766       A BILL TO BE ENTITLED   AN ACT   relating to the required preservation of certain records by a money   services business.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Section 151.602(a), Finance Code, is amended to   read as follows:          (a)  A license holder must prepare, maintain, and preserve   the following books, accounts, and other records for at least five   years or another period as may be prescribed by rule of the   commission:                (1)  a record of each money transmission transaction or   currency exchange transaction, as applicable;                (2)  a general ledger posted in accordance with   generally accepted accounting principles containing all asset,   liability, capital, income, and expense accounts, unless directed   otherwise by the commissioner;                (3)  bank statements and bank reconciliation records;                (4)  all records and reports required by applicable   state and federal law, including the reporting and recordkeeping   requirements imposed by the Bank Secrecy Act, the USA PATRIOT ACT,   and Chapter 271, and other federal and state laws pertaining to   money laundering, drug trafficking, or terrorist funding; [and]                (5)  a record of the government-issued photo   identification number of each person:                      (A)  sending currency, as that term is defined by   Section 151.301, through a money transmission transaction in an   amount of $100 or more; or                      (B)  receiving currency, as that term is defined   by Section 151.301, through a money transmission transaction in an   amount of $100 or more; and                (6)  any other records required by commission rule or   reasonably requested by the commissioner to determine compliance   with this chapter.          SECTION 2.  This Act takes effect September 1, 2023.