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#1745677 - 10/01/12 10:04 PM Exemptions and the Monetary Instruments Log
fmb Offline
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Joined: Sep 2003
Posts: 97
Do exemptions (that we have for CTR reporting purposes) carry over to the monetary instruments log as well? We have a domestic bank that brought us coin (we needed some and it saved us courier fees) in exchange for a cashier's check. Do we need to complete the monetary instrument log for the domestic bank?

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#1745706 - 10/02/12 10:11 AM Re: Exemptions and the Monetary Instruments Log fmb
Elwood P. Dowd Offline
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Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
No, any "exemption" you recognize is solely for the purpose of currency transaction reporting. While some exempt persons, including banks, are not subject to CIP, there are no exemptions or exclusions from the requirement to keep records regarding monetary instrument sales. For the purposes of record retention, the "purchaser" would be the domestic bank's employee who conducted the transaction.
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#1747360 - 10/08/12 11:37 AM Re: Exemptions and the Monetary Instruments Log fmb
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
You would not run this transaction directly to the "Cashier's Check" account anyway. They did not come in to purchase a cashier's check, you paid a bill for the bank. All coin and currency purchases and sales should be run through your "cash in transit" GL or equivalent to which your offset to the cashier's check would occur. The purchaser of the cashier's check in this situation is your own bank and not the bank bringing you the coin or currency. It should be treated no different than a purchase or sale to the Fed or your other source of normal coin and currency.
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