Advanced Compliance Technology, Inc. holds a FinCEN Money Services Business registration. Advanced Compliance Technology, Inc. must renew this registration every two years. A lapsed federal registration makes Advanced Compliance Technology, Inc. unlicensed at the federal level.
\nAdvanced Compliance Technology, Inc. also holds a {{license_type}} license issued by the Florida Office of Financial Regulation (OFR). The OFR is the licensing and supervisory authority for Florida. Federal FinCEN registration and the OFR license are separate, independent obligations. Satisfying one does not satisfy the other.
\nAdvanced Compliance Technology, Inc. must register any fictitious name with OFR before using it in business. Operating under an unregistered fictitious name violates the OFR license conditions. Advanced Compliance Technology, Inc. must display the OFR-issued license conspicuously at each licensed location. Visible display allows regulators and customers to verify Advanced Compliance Technology, Inc.'s licensed status.
\nThe OFR license renews on a two-year cycle. The BSA/AML Compliance Officer tracks the OFR license expiration date and the FinCEN registration renewal date as separate calendar deadlines. The BSA/AML Compliance Officer initiates each renewal no later than 90 days before the expiration date. Starting early protects against processing delays that could cause the license to lapse. A lapsed OFR license constitutes unlicensed money services activity. A lapsed license exposes Advanced Compliance Technology, Inc. to civil penalties and suspension of operations.
\nThe BSA/AML Compliance Officer completes and files the annual security device calculation form with OFR each year. This form documents the asset values used to satisfy the security device requirement for the current license period. Filing this form allows OFR to verify that Advanced Compliance Technology, Inc. meets the applicable financial security requirement.
\nAdvanced Compliance Technology, Inc. files quarterly activity reports with OFR through the REAL System. Reports are due within 45 days after the close of each calendar quarter. Late reports constitute a regulatory violation and may result in penalties. Each report includes transaction volume and count by service type for the reporting period. Each report also includes check cashing transaction totals. OFR may specify additional required data fields for each period. The BSA/AML Compliance Officer reviews and certifies each report before submission. The certification affirms that all reported information is truthful and accurate. This certification creates direct personal accountability for the accuracy of the filed data. Advanced Compliance Technology, Inc. submits all reports electronically through the REAL System. Advanced Compliance Technology, Inc. does not submit paper filings. The BSA/AML Compliance Officer retains filed quarterly reports according to the recordkeeping schedule in this program.
", "narration_text": "Advanced Compliance Technology, Inc. holds a FinCEN Money Services Business registration. Advanced Compliance Technology, Inc. must renew this registration every two years. A lapsed federal registration makes Advanced Compliance Technology, Inc. unlicensed at the federal level.\r\n\r\nAdvanced Compliance Technology, Inc. also holds a {{license_type}} license issued by the Florida Office of Financial Regulation (OFR). The OFR is the licensing and supervisory authority for Florida. Federal FinCEN registration and the OFR license are separate, independent obligations. Satisfying one does not satisfy the other.\r\n\r\nAdvanced Compliance Technology, Inc. must register any fictitious name with OFR before using it in business. Operating under an unregistered fictitious name violates the OFR license conditions. Advanced Compliance Technology, Inc. must display the OFR-issued license conspicuously at each licensed location. Visible display allows regulators and customers to verify Advanced Compliance Technology, Inc.'s licensed status.\r\n\r\nThe OFR license renews on a two-year cycle. The BSA/AML Compliance Officer tracks the OFR license expiration date and the FinCEN registration renewal date as separate calendar deadlines. The BSA/AML Compliance Officer initiates each renewal no later than 90 days before the expiration date. Starting early protects against processing delays that could cause the license to lapse. A lapsed OFR license constitutes unlicensed money services activity. A lapsed license exposes Advanced Compliance Technology, Inc. to civil penalties and suspension of operations.\r\n\r\nThe BSA/AML Compliance Officer completes and files the annual security device calculation form with OFR each year. This form documents the asset values used to satisfy the security device requirement for the current license period. Filing this form allows OFR to verify that Advanced Compliance Technology, Inc. meets the applicable financial security requirement.\r\n\r\nAdvanced Compliance Technology, Inc. files quarterly activity reports with OFR through the REAL System. Reports are due within 45 days after the close of each calendar quarter. Late reports constitute a regulatory violation and may result in penalties. Each report includes transaction volume and count by service type for the reporting period. Each report also includes check cashing transaction totals. OFR may specify additional required data fields for each period. The BSA/AML Compliance Officer reviews and certifies each report before submission. The certification affirms that all reported information is truthful and accurate. This certification creates direct personal accountability for the accuracy of the filed data. Advanced Compliance Technology, Inc. submits all reports electronically through the REAL System. Advanced Compliance Technology, Inc. does not submit paper filings. The BSA/AML Compliance Officer retains filed quarterly reports according to the recordkeeping schedule in this program." }