We are having a discussion about Foreign Currency purchases and are wondering what others are doing to monitor this activity. We are a small Community Bank and don't have a lot of activity, but we do have one customer that purchases foreign currency frequently to go to Mexico to participate in racing. What are our responsibilities to monitor for suspicious activity? Is the date the currency order is placed with our correspondent bank the date of the transaction? Any feedback would be helpful:)

How much currency are you talking about???

Thanks RL Clarey. The amounts vary, but they can be anywhere between $500 to $9,000. We filed one CTR last year that was for $11,500. Just wondering how others track and monitor for this type of activity.

I typically see a log of such purchases, using the date of the order as the transaction date. A log might help you identify patterns and trends as well.