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#1955901 - 08/21/14 09:04 PM Filing a CTR on monetary instrument purchases
ashbroten Offline
New Poster
Joined: Aug 2014
Posts: 5
Minnesota, USA
Okay, so a customer buys a cashier's check with $60,000 in cash. Of course we're filing a CTR, but what about our monetary instrument logs/reports? Do we need to do a report or record it on our log for monetary instrument purchases also? I have scoured the BOL website and all I can find is guidance from the BSA manual updated in 2004...(which is like a millenia in BSA time). Is anyone keen on FinCEN standards for this situation? Thanks, hopefully someone can help!!

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#1955904 - 08/21/14 09:08 PM Re: Filing a CTR on monetary instrument purchases ashbroten
Sunshine Lady Offline
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Sunshine Lady
Joined: Apr 2014
Posts: 673
Our Monetary Instrument log is for 3k to 10k, so if it were 60k, you would only do a CTR. Anything over 10K gets reported on the CTR.
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Define Success on your own terms, achieve it by your own rules, and build a life you are proud of. Anne Sweeney

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#1955922 - 08/21/14 09:40 PM Re: Filing a CTR on monetary instrument purchases ashbroten
Doug Hendrickson Offline
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Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Agreed. Recordkeeping for MIs is limited to those purchased with currency in amounts between $3K and $10K, inclusive. Any over that amount would, as Sun Shine Lady states, be recorded on a CTR.
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I hear and I forget. I see and I remember. I do and I understand.--Confucius

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