A report is produced weekly of the cash transactions from $3,000 - $10,000, for the previous three weeks. It is used in a review to determine any indications of structuring. If such an indication is found, a SAR is filed and all the appropriate supporting documentation is kept for five years.
Is it necessary to keep each weekly report for those five years?
I generally keep them from exam to exam so as to support the fact that the review is done. They don't seem to serve any meaningful purpose after that time period.
I hear and I forget. I see and I remember. I do and I understand.--Confucius