TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 11 RECORDS AND REPORTS OF CURRENCY TRANSACTIONS

7-1-911. Definitions.

As used in this article, the term:

1. "Commissioner" means the commissioner of banking and finance.
2. "Conducts" includes initiating, concluding, or participating in initiating or concluding a transaction.
3. "Currency" means currency and coin of the United States.
4. "Currency transaction" means a transaction:
   1. Initiated from the receipt or payment of currency or concluding with the receipt or payment of currency; or
   2. Involving the movement or transfer of monetary value by electronic means other than within the books of account of the same financial institution.
5. "Department" means the Department of Banking and Finance of the State of Georgia.
6. "Financial institution" means:
   1. A state or national bank;
   2. A trust company;
   3. A state savings and loan association or a federal savings and loan association;
   4. A state or federal credit union;
   5. An international bank agency doing business in this state on April 1, 1975, pursuant to the former "International Bank Agency Act," approved April 6, 1972 (Ga. L. 1972, p. 1140), or authorized to do business in this state pursuant to Article 5 of this chapter; or
   6. A licensee under Article 4 or Article 4A of this chapter and such other persons as may be engaged in the business of:
      1. Cashing payment instruments for a fee; or
      2. Performing transactions by wire or other electronic means to facilitate the movement or transfer of money.
7. "Knowing that the moneys involved in a currency transaction represent the proceeds of some form of unlawful activity" means that the person knew the moneys involved in the transaction represented proceeds from some form, although not necessarily which form, of activity that constitutes a felony under this Code.
8. "Monetary instruments" means coin or currency of the United States or of any other country, travelers' checks, personal checks, bank checks, money orders, investment securities in bearer form or otherwise in such form that title thereto passes upon delivery, and negotiable instruments in bearer form or otherwise in such form that title thereto passes upon delivery.
9. "Person" means natural persons, partnerships, trusts, estates, associations, corporations, and all entities cognizable as legal personalities.
10. "Specified unlawful activity" means any act or activity constituting an offense punishable as a felony pursuant to the laws of this state or any act or acts constituting a pattern of racketeering activity as that term is defined in Code Section 16-14-3.
11. "Transaction" includes:
    1. A purchase, sale, loan, pledge, gift, transfer, delivery, or other disposition and, with respect to a financial institution, includes a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected; or
    2. The movement of funds by wire or other means or involving one or more monetary instruments or the use of a financial institution.

(Code 1981, §7-1-911, enacted by Ga. L. 1982, p. 2219, § 1; Ga. L. 1986, p. 214, § 1; Ga. L. 1989, p. 1211, § 17; Ga. L. 1990, p. 362, § 2; Ga. L. 2004, p. 458, § 9; Ga. L. 2016, p. 390, § 7-22/HB 811; Ga. L. 2017, p. 774, § 7/HB 323.)

The 2016 amendment, effective July 1, 2016, in paragraph (6), deleted "building and loan association," preceding "state savings and loan" in subparagraph (C) and substituted "payment instruments" for "checks" in division (F)(i).

The 2017 amendment, effective May 9, 2017, part of an Act to revise, modernize, and correct the Code, revised punctuation in subparagraph (6)(C).