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Gift Cards - Monetary Instruments?
Answer by John Burnett, BOL Guru
Guru Bio
Question: Are gift cards still not considered monetary instruments? Is this something that is coming in the future?
Answer: Gift cards and other stored-value card products are still not listed as monetary instruments for which banks must maintain a record of purchaser information under section 103.29 of Treasury's Financial Recordkeeping regulation. However, it would be a good idea to maintain purchaser records for the bank's purposes in order to review them for patterns that might reflect money laundering or other illicit activity. The Treasury has undertaken a review of its BSA/AML regulations in order to make them more user-friendly. Therefore, it's possible that it might decide to make some substantive changes if it deems them necessary to more effectively prosecute money laundering and the financing of terrorist activity.
First published on BankersOnline.com 3/31/08
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