32-8-301. Regulation and supervision -- rules. (1) To ensure that the department meets its responsibility for the prudential supervision of a foreign capital depository, the department shall adopt rules that:
     (a) determine the processes and procedures necessary to ensure that the controlling persons and employees and the procedures of a depository are in compliance with this chapter;
     (b) establish the procedures for the conduct of examinations of a depository by the department, including the means by which the commissioner will verify that the depository's know your customer policy has been implemented;
     (c) establish the form of suspicious activity reports and the conditions under which a suspicious activity report must be filed with the department;
     (d) require a depository to submit to the department on request a written or electronic record of any transfer or withdrawal of cash from the depository in an amount equal to or greater than $10,000;
     (e) require a depository to file an annual report with the department detailing the depository's:
     (i) security measures designed to deter and prevent theft, fraud, and corruption;
     (ii) procedures for filing suspicious activity reports with the U.S. department of the treasury and for keeping records and filing reports of transactions as required by federal law and regulation to combat money laundering and other criminal activities;
     (iii) employee training programs regarding disclosure and other aspects of customer financial privacy; and
     (iv) fulfillment of the know your customer policy recommended by the American bankers association or prescribed by federal regulation.
     (2) With respect to an action concerning the issuance, suspension, or revocation of a charter or an action pursuant to enforcement in 32-8-601 through 32-8-603, the department shall adopt rules to determine prehearing discovery procedures, including the taking of depositions and the production of documents.
     (3) In adopting rules for hearings, the department shall provide for the issuance of subpoenas and for the administration of oaths to witnesses and parties or their representatives to apply both to discovery procedures and to hearings.

     History: En. Sec. 13, Ch. 382, L. 1997.