I have prepared this information for our employees to use when non-customers question why we are collecting information about them. Tellers often have a difficult time explaining the bank's policy. I was thinking this might make things easier and also prevent employees from getting into an awkward situation. I would appreciate some feedback.
XXX Bank is required to file FinCEN Form 104 Currency Transaction Report (“CTR”) for single or multiple cash transactions conducted by or on behalf of the same person that exceeds $10,000.00 on the same business day. These requirements are found in the Financial Recordkeeping and Reporting of Currency and Foreign Transactions regulations at 31 C.F.R. Part 103.
In addition, XXX Bank is subject to federal regulations that require the reporting of known or suspected federal criminal violations and suspicious transactions related to money laundering and violations of the Bank Secrecy Act found at 12 CFR 208.62. These regulations can be found at 12 CFR 211.24(f) and 12 CFR 225.4(f).
In order to comply with the requirement to file a CTR for multiple cash transactions conducted by or on behalf of the same person, XXXX Bank collects the name, address, taxpayer identification number and identification of individuals that conduct cash transactions over a certain threshold in order to meet the requirement to file a Form 104 Currency Transaction Report for multiple cash transactions conducted by or on behalf of the same person that exceed $10,000.00 on the same business day. In addition, the bank reviews transaction records to determine if individuals may be “structuring” cash transactions to evade CTR requirements. If the Bank suspects that an individual may be structuring cash transactions, it is required to file a Suspicious Activity Report to notify law enforcement. This report is required by 12 U.S.C. 324, 334, 611a, 1844(b) and (c), 3105(c) (2) and 3106(a).
The regulatory agencies expect financial institutions to have a system in place to detect and aggregate multiple cash transactions in order to manage their Bank Secrecy Act responsibilities.
The Bank Secrecy Act/Anti-Money Laundering Examination Manual used by XXXX Bank's regulator can be found at:
http://www.ffiec.gov/bsa_aml_infobase/documents/BSA_AML_Man_2010.pdf