Louisiana Revised Statutes 6:1391.1 – A. Any licensee engaging in virtual currency business activities in this state shall maintain and preserve the books, records, and accounts of its virtual currency business activitie
Terms Used In Louisiana Revised Statutes 6:1391.1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the commissioner of the office of financial institutions. See Louisiana Revised Statutes 6:1382
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Licensee: means a person licensed pursuant to this Chapter. See Louisiana Revised Statutes 6:1382
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Louisiana Revised Statutes 6:1382
- Virtual currency: means a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender. See Louisiana Revised Statutes 6:1382
A. Any licensee engaging in virtual currency business activities in this state shall maintain and preserve the books, records, and accounts of its virtual currency business activities, pursuant to La. Rev. Stat. 6:1391, for a period of five years or longer, if required by the commissioner to resolve any examination, investigation, or complaint.
B. The books, records, and accounts to be maintained by each licensee shall include all of the following:
(1) For each transaction:
(a) The amount, date, and precise time of the transaction.
(b) Any payment instructions for the transaction.
(c) The total amount of fees and charges received and paid to, by, or on behalf of the licensee.
(d) The names, account numbers, and physical address of the parties to the transactions, including any customers and account holders of the licensee who are residents.
(2) A general ledger containing all assets, liabilities, ownership equity, income, and expense accounts.
(3) Bank statements and bank reconciliation records.
(4) Any statement and valuation provided to customers and account holders.
(5) Records or minutes of meetings of the board of directors, or an equivalent governing body.
(6) Records demonstrating compliance with applicable state and federal anti-money laundering laws, rules, and regulations, including customer and account holder identification and verification documents, records linking customers and account holders to their respective accounts and balances, and a record of any compliance breaches.
(7) Communications and documentation related to investigations of customer and account holder complaints and transaction error resolutions.
(8) Any other books, records, and accounts as the commissioner may require.
Acts 2023, No. 331, §1, eff. June 13, 2023.
NOTE: The provisions of Acts 2023, No. 331, will terminate on July 1, 2025.