Section 45.13 - Client Funds Accounts for Foreign Transmittal Agencies(1) All funds of clients deposited with a licensed foreign transmittal agency for transmittal to a foreign country shall be deposited in one or more client funds accounts maintained at a federally insured bank or credit union. Said account(s) shall contain only those funds collected for transmittal.(2) A licensed foreign transmittal agency may offset funds in the client funds account(s) in order to effect the transmittal of funds to foreign countries in accordance with the directions of clients.(3) A licensed foreign transmittal agency shall maintain complete and accurate client funds account records. The licensed foreign transmittal agency shall produce upon request all documents pertaining to client funds account activity, including, but not limited to, bank statements; check stubs; canceled, voided, or unused checks; deposit tickets; and reconciliations or other comparable account records.(4) No person licensed as a foreign transmittal agency shall commingle money collected from clients for transmission abroad with its own funds or use any part of a client's money in the conduct of the licensed foreign transmittal agency's business.Amended by Mass Register Issue 1321, eff. 9/9/2016.Amended by Mass Register Issue 1324, eff. 9/9/2016.