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#1236337 - 08/20/09 06:35 PM Monetary Instrument Purchases
Compgal Offline
Junior Member
Joined: Feb 2006
Posts: 41
If the bank requires it's customers to deposit cash into their account and then make a withdrawal to purchase a monetary instrument is the bank still required to record the purchase?

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#1236343 - 08/20/09 06:42 PM Re: Monetary Instrument Purchases Compgal
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Yes. The BSA/AML Exam Manual addresses that on page 96. FinCEN issued guidance on this topic in November 2002.
Last edited by Kelsey D; 08/20/09 06:44 PM.
Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

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