AZ DFI Regulatory Bulletin MT-03-02: Clarification of the Department's interpretation of A.R.S. §6-1241.E, as it related to the sale of money orders in amounts of $1,000 or more.

STATE BANKING DEPARTMENT RICHARD C. HOUSEWORTH SUPERINTENDENT OF BANKS JANET NAPOLITANO GOVERNOR # REGULATORY BULLETIN MT-03-02 November 4, 2003 TO: ALL ARIZONA MONEY TRANSMITTERS This communication is designed to clarify the Departments interpretation of A.R.S. §6-1241.E, as it relates to the sale of money orders in amounts of $1,000 or more. The Department's view is that the requirement only applies to money orders with a face value of $1,000 or more. Further, the Department will allow each money order to be considered individually. The Department will not require money orders to be aggregated under $3,000. The Department will still require money order companies to keep the records as required by the Bank Secrecy Act. Richard C. Houseworth RCH:RDC:jvp 2910 North 44th Street • Suite 310 • Phoenix, Arizona 85018 Telephone: (602) 255-4421 • Facsimile: (602) 381-1225