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BSA Recordkeeping - Same Day Transactions Only?
Answer by David Dickinson, BOL Guru
Guru Bios
Question: I know when a customer purchases a monetary instrument in amounts between $3,000 and $10,000 using currency that the customer first deposits into the customer's account, the transaction is still subject to the recordkeeping requirements. Is this only for transactions that take place on the same day?
Answer: The FinCEN guidance does not restrict it to the same day. If you have knowledge the purchase was from a cash deposit, you need to record the information.
First published on BankersOnline.com 4/14/08
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