(1) This section may be cited as the "Florida Control of Money Laundering in Financial Institutions Act."

(2) It is the purpose of this section to require submission to the department of certain reports and maintenance of certain records of transactions involving currency or monetary instruments when such reports and records deter the use of financial institutions to conceal the proceeds of criminal activity and have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.

(3) As used in this section, the term:

(a) "Currency" means currency and coin of the United States or of any other country.

(b) "Financial institution" means a financial institution, as defined in 31 U.S.C. s. 5312, including a credit card bank, located in this state.

(c) "Financial transaction" means a transaction involving the movement of funds by wire or other means or involving one or more monetary instruments, which in any way or degree affects commerce, or a transaction involving the use of a financial institution which is engaged in, or the activities of which affect, commerce in any way or degree.

(d) "Monetary instruments" means coin or currency of the United States or of any other country, travelers' checks, personal checks, bank checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments in bearer form or otherwise in such form that title thereto passes upon delivery.

(e) "Transaction" means a purchase, sale, loan, pledge, gift, transfer, delivery, or other disposition, and with respect to a financial institution includes a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected.

(f) "Report" means a report of each deposit, withdrawal, exchange of currency, or other payments or transfer, by, through, or to that financial institution, that involves a transaction required or authorized to be reported by this section, and includes the electronic submission of such information in the manner provided for by rule of the department.

(g) "Specified unlawful activity" means any "racketeering activity" as defined in s. 895.02.

(4)

(a) Every financial institution shall keep a record of each financial transaction occurring in this state known to it to involve currency or other monetary instrument, as the department prescribes by rule, of a value in excess of $10,000, to involve the proceeds of specified unlawful activity, or to be designed to evade the reporting requirements of this section, chapter 896, or any similar state or federal law and shall maintain appropriate procedures to ensure compliance with this section, chapter 896, and any other similar state or federal law.

(b) Multiple financial transactions shall be treated as a single transaction if the financial institution has knowledge that they are made by or on behalf of any person and result in either cash in or cash out totaling more than $10,000 during any business day, as defined in s. 655.89.

(c) Any financial institution may keep a record of any financial transaction occurring in this state, regardless of the value, if it suspects the transaction to involve the proceeds of specified unlawful activity.

(d) A financial institution, or officer, employee, or agent thereof, that files a report in good faith pursuant to this section is not liable to any person for loss or damage caused in whole or in part by the making, filing, or governmental use of the report, or any information contained therein.

(5)

(a) Each financial institution shall file a report with the department of the record required under paragraphs (4)(a) and (b) and any record maintained pursuant to paragraph (4)(c). Each record filed pursuant to subsection (4) must be filed at such time and contain such information as the department requires by rule.

(b) The timely filing of the report required by 31 U.S.C. s. 5313 with the appropriate federal agency is deemed compliance with the reporting requirements of this subsection unless the reports are not regularly and comprehensively transmitted by the federal agency to the department.

(6) Unless otherwise provided by rule, a financial institution may exempt from the reporting requirements of this section deposits, withdrawals, exchanges, or payments exempted from the reporting requirements of 31 U.S.C. s. 5313. Each financial institution shall maintain a record of each exemption granted, including the name, address, type of business, taxpayer identification number, account number, and signature of the customer granted the exemption; a written statement describing in detail the customary conduct of the lawful business of that customer and the reasons why such customer qualified for such an exemption; the type of transactions exempted; and the dollar limit of each exempt transaction. Such record of exemptions shall be made available to the department for inspection and copying and shall be submitted to the department within 15 days after request.

(7) All reports and records filed with the department pursuant to this section are confidential and exempt from s. 119.07(1). However, the department shall provide any report filed pursuant to this section, or information contained therein, to federal, state, and local law enforcement and prosecutorial agencies, and any federal or state agency responsible for the regulation or supervision of financial institutions. This exemption from s. 119.07(1) is subject to the Open Government Sunset Review Act in accordance with [Footnote 1] s. 119.14.

(8)

(a) The department shall retain a copy of all reports received under subsection (4) for a minimum of 5 calendar years after receipt of the report. However, if a report or information contained in a report is known by the department to be the subject of an existing criminal proceeding, the report shall be retained for a minimum of 10 calendar years after receipt of the report.

(b) Each financial institution shall maintain for a minimum of 5 calendar years full and complete records of all financial transactions, including all records required by 31 C.F.R. parts 103.33 and 103.34.

(c) The financial institution shall retain a copy of all reports filed with the department under subsection (4) for a minimum of 5 calendar years after submission of the report. However, if a report or information contained in a report is known by the financial institution to be the subject of an existing criminal proceeding, the report shall be retained for a minimum of 10 calendar years after submission of the report.

(d) The financial institution shall retain a copy of all records of exemption for each customer granted pursuant to subsection (6) for a minimum of 5 calendar years after termination of exempt status of such customer. However, if it is known by the financial institution that the customer or the transactions of the customer are the subject of an existing criminal proceeding, the records shall be retained for a minimum of 10 calendar years after termination of exempt status of such customer.

(9) In addition to any other power conferred upon it to enforce and administer this chapter and the financial institutions codes, the department may:

(a) Bring an action in any court of competent jurisdiction to enforce or administer this section. In such action, the department may seek award of any civil penalty authorized by law and any other appropriate relief at law or equity.

(b) Pursuant to s. 655.033, issue and serve upon a person an order requiring such person to cease and desist and take corrective action whenever the department finds that such person is violating, has violated, or is about to violate any provision of this section, chapter 896, or any similar state or federal law; any rule or order adopted under this section, chapter 896, or any similar state or federal law; or any written agreement related to this section, chapter 896, or any similar state or federal law and entered into with the department.

(c) Pursuant to s. 655.037, issue and serve upon any person an order of removal whenever the department finds that such person is violating, has violated, or is about to violate any provision of this section, chapter 896, or any similar state or federal law; any rule or order adopted under this section, chapter 896, or any similar state or federal law; or any written agreement related to this section, chapter 896, or any similar state or federal law and entered into with the department.

(d) Impose and collect an administrative fine against any person found to have violated any provision of this section, chapter 896, or any similar state or federal law; any rule or order adopted under this section, chapter 896, or any similar state or federal law; or any written agreement related to this section, chapter 896, or any similar state or federal law and entered into with the department, in an amount not exceeding $10,000 a day for each willful violation or $500 a day for each negligent violation.

(10)

(a) Except as provided in paragraph (b), a person who willfully violates any provision of this section, chapter 896, or any similar state or federal law is guilty of a misdemeanor of the first degree, punishable as provided in s. 775.082 or s. 775.083.

(b) A person who willfully violates any provision of this section, chapter 896, or any similar state or federal law, when the violation is: 1. Committed in furtherance of the commission of any other violation of Florida law; or 2. Committed as part of a pattern of illegal activity involving financial transactions exceeding $300 but less than $20,000 in any 12-month period, is guilty of a felony of the third degree; or 3. Committed as part of a pattern of illegal activity involving financial transactions exceeding $20,000 but less than $100,000 in any 12-month period is guilty of a felony of the second degree; or 4. Committed as part of a pattern of illegal activity involving financial transactions exceeding $100,000 in any 12-month period is guilty of a felony of the first degree.

(c) In addition to the penalties otherwise authorized by ss. 775.082 and 775.083, a person who has been convicted of or who has pleaded guilty or nolo contendere to having violated paragraph (b) may be sentenced to pay a fine not exceeding $250,000 or twice the value of the financial transaction, whichever is greater, except that on a second or subsequent conviction for or plea of guilty or nolo contendere to a violation of paragraph (b), the fine may be up to $500,000 or quintuple the value of the financial transaction, whichever is greater.