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#509593 - 03/07/06 07:08 PM Does a checking account or CD require a 3k-10k log
Leasa2002 Offline
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Joined: Mar 2006
Posts: 8
if cash is used to open the account?


Thanks.

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#509594 - 03/07/06 07:11 PM Re: Does a checking account or CD require a 3k-10k log
Elwood P. Dowd Offline
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The practice varies within banks. Ask your supervisor.
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#509595 - 03/07/06 07:12 PM Re: Does a checking account or CD require a 3k-10k log
Leasa2002 Offline
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Unfortunately, we are getting mixed replies from different dept heads.

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#509596 - 03/07/06 07:58 PM Re: Does a checking account or CD require a 3k-10k log
Skyline Offline
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Skyline
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If you are referencing the Monetary Instruments Log, our policy states: As of October 17,1994, the Treasury Department has eliminated this requirement that banks keep chronological logs of sales of money orders, travelers checks, and other monetary instruments involving $3,000 to $10,000 in cash. However, while the log is no longer required, the new ruling still requires banks to collect information regarding these sales and retain those records. For this reason, it is the continued policy of (Bank) to maintain the $3,000 to $10,000 negotiable instruments purchase log.
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#509597 - 03/07/06 08:20 PM Re: Does a checking account or CD require a 3k-10k
John Burnett Offline
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It appears the original question concerns creating a log entry just because the account is opened with cash. The suggestion that the poster check with a supervisor points out that this is a BSA 101 question that the bank should have made sure the individual understood during initial training. Evidently the bank itself doesn't know the answer.

The $3000 - $10,000 log, as pointed out above, is for recording information about purchases of monetary instruments with cash. It is not used for recording cash deposits that are not used to such purchases. If cash is used to open an account, a CTR will be filed if the transaction is large enough. Otherwise, the bank's own routine recordkeeping is sufficient.
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#509598 - 03/07/06 09:42 PM Re: Does a checking account or CD require a 3k-10k
Elwood P. Dowd Offline
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Elwood P. Dowd
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The reason I did not give this person a straight answer is because many smaller banks maintain a manual log of every currency transaction above $[internally established] and it sounded to me like that was a possibility here. They do it either because they do not have a DP that aggregates transactions or to assimiliate transactions that do not affect accounts; e.g. monetary instrument sales, in their aggregation efforts.
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