A Georgia licensee that meets the loan or finance company definition has no written anti-money laundering program in 2026. Does filing reports alone replace the required written anti-money-laundering program?
Correct Answer
A) Deficient: a written program is developed and implemented under the rule
Every person subject to Georgia licensing who meets the loan or finance company definition must develop and implement a written anti-money laundering program and comply with the filing, recordkeeping, currency transaction reporting and suspicious activity reporting requirements of the Bank Secrecy Act. Other choices: Georgia makes the federal obligation a state rule as well; filing reports is one element rather than the program; and no annual filing of the program with the Department is required. Source: Ga. Comp. R. & Regs. 80-11-1-.06(2)
Why This Is the Correct Answer
Every person subject to Georgia licensing who meets the loan or finance company definition must develop and implement a written anti-money laundering program and comply with the filing, recordkeeping, currency transaction reporting and suspicious activity reporting requirements of the Bank Secrecy Act. Other choices: Georgia makes the federal obligation a state rule as well; filing reports is one element rather than the program; and no annual filing of the program with the Department is required. Source: Ga. Comp. R. & Regs. 80-11-1-.06(2)
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