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#324805 - 03/02/05 06:49 PM $3000 to $10000 transaction log
kknight1 Offline
New Poster
Joined: Mar 2005
Posts: 1
on our daily transaction log between $3000 and $10000, do do we need to log deposits, withdrawals, and checks cashed between those amounts, or just log cashier's checks, money orders, bank drafts, and traveler's checks? we have a copied form that shows to log deposits, withdrawals, and checks cashed also, so we need some clarification please.

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#324806 - 03/02/05 07:29 PM Re: $3000 to $10000 transaction log
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Technically, there are no logging requirements anymore; however, you do have a recordkeeping requirement for the sale of CC, MO, TC, (monetary instruments) with cash between $3,000-10,000.
_________________________
David Dickinson
http://www.bankerscompliance.com

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#324807 - 03/02/05 07:32 PM Re: $3000 to $10000 transaction log
MagicCity Offline

Power Poster
MagicCity
Joined: Apr 2003
Posts: 3,003
Fort Lauderdale, Florida
It is not a Transaction Log.
It is a Negotiable Instrument Log.
It is to record cash coming in (between $3M and $10M) for the purchase of negotiable instruments, i.e. cashier checks, travellers checks, money orders.

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#324808 - 03/02/05 07:45 PM Re: $3000 to $10000 transaction log
JacF Offline

Power Poster
Joined: Nov 2001
Posts: 6,719
PA
I agree with the above posters that the recordkeeping requirements extend only to monetary instruments purchased with cash between $3000 and $10,000.

That said, are you logging other transactions for purposes of aggregation and identifying structuring? If so, do you have a means to automate this portion of your process?

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#324809 - 03/02/05 09:47 PM Re: $3000 to $10000 transaction log
SecCom2 Offline
New Poster
Joined: Mar 2005
Posts: 5
Massachusetts
Our system aggregates cash by TID. All cash transactions made by an individual or business on any one business day in any of our branches will be listed on our daily cash report. From that report, we are able to see if multiple cash purchases were made along with any cash deposits, cashed checks, etc. and determine if logs or FinCEN form 104's are required or if we need to monitor an account for suspicious activity. Does anyone else use TID's for aggregating cash?

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