|
 |
Purchase of Monetary Instrument Under $3000
Answer by Randy Carey, BOL Guru
Guru Bios
Question: Do we need to fill out our $3000+ Log when someone purchases a monetary instrument for less than $3000, but $3000 or more in cash is involved? (For example, if a customer hands a teller $3000 in cash to buy a $2500 bank check, and then takes $500 in cash back.)
Answer: No, only $2,500 was involved with the purchase of the instrument. However, if the customer just handed the teller a wad of bills and she counted out what was needed and handed the original $500 back to the customer, that is one thing. If $500 in cash was also involved in a bill exchange, I would be looking at this and other similar transactions by this person for suspicious activity as potential money laundering or smurfing.
First published on BankersOnline.com 4/07/08
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!