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#2067370 - 03/03/16 06:22 PM Monetary Insturment log
bcompliance Offline
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If a customer comes in and purchases a monetary instrument for $3,990 with $4,000 in cash and $10 is handed back to the customer after the transaction, what amount should be logged for the purchase?

$3,990 or $4,000?
Last edited by bcompliance; 03/03/16 06:47 PM. Reason: Correct typo
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#2067372 - 03/03/16 06:33 PM Re: Monetary Insturment log bcompliance
edAudit Offline
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Originally Posted By bcompliance
If a customer comes in and purchases a monetary instrument for $3,900 with $4,000 in cash and $10 is handed back to the customer after the transaction, what amount should be logged for the purchase?

$3,900 or $4,000?


you may have a bigger issue than a monetary log. hopefully you logged $90 in your over and short log
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#2067377 - 03/03/16 06:47 PM Re: Monetary Insturment log bcompliance
bcompliance Offline
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Lol thanks for correcting me Ed. It was a typo
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#2067442 - 03/03/16 09:11 PM Re: Monetary Insturment log bcompliance
SeekingKnowledge Offline
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While a log is not specifically required, the key factor for recordkeeping requirements according to 31 CFR 103.29 is the value of the monetary instrument purchased being $3000 or more. As long as the excess cash doesn't represent suspicious activity (seemingly unlikely in this scenario based on the facts presented), it is not relevant.

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#2067638 - 03/04/16 07:13 PM Re: Monetary Insturment log bcompliance
bcompliance Offline
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Thanks for the input. We are switching to a new teller system and the report it is printing off is the actual amount paid in cash, not the total amount of cash in and we weren't sure which way it was supposed to be done.
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