Section 650 - Compliance with Penal Code Sections 14126(a) and (b)(a) Penal Code section 14162(a), effective January 1, 1987, requires certain financial institutions to make and keep a record of each monetary transaction in excess of $10,000; additionally, the financial institution shall file a report of a monetary transaction with the Department of Justice in a form and at the time as set forth by the Department.(b) Penal Code section 14162(b), effective January 1, 1987, requires financial institutions other than those covered in Penal Code section 14162(a) to file duplicate copies of the reports required by sections 5313 and 5314 of Title 31 of the United States Code and regulations adopted pursuant to those sections.(c) No filing of any such report shall be required by the Department until such time as subsequent regulations, specifying the filing time and form for such reports, are adopted.(d) Nothing stated in this section is intended to, not shall it be deemed to, prevent the investigation or prosecution of any criminal offense set forth in Penal Code Section 186.2, 186.10 and 14166. Nothing stated in this section is intended to, not shall it be deemed to, prevent the imposition of any term of incarceration or monetary penalty set forth in Penal Code sections 186.2, 186.10 and 14166.(e) Nothing in this section shall be deemed to prevent any law enforcement or prosecuting agency from obtaining reports currently being compiled pursuant to federal reporting requirements by any other lawful means available.(f) Nothing in this section shall be deemed to suspend the requirement that a financial institution make and keep record of each transaction in excess of $10,000.Cal. Code Regs. Tit. 11, § 650
Note: Authority cited: Section 14160(b), Penal Code. Reference: Section 14162(a) and (b), Penal Code. (New Subchapter 6.5, Section 650, filed 1-21-87, operative 1-22-87; Register 87, No. 5. The "subsequent regulations" referred to in subsection (c) will be found in reserved Section 651, when adopted.