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AML - Non-customer Currency Exchange

Answered by: 
Ken Golliher

Question: 
What is considered industry practice regarding exchanging currency for non-customers as it relates to CIP/BSA/AML? Do most banks not accommodate this request unless it comes from a customer? Do some banks permit this only upon placing certain thresholds on the dollar amount that will be exchanged? Is there any regulatory agency guidance on the matter?
Answer: 

To my knowledge, there is no regulatory guidance or industry standard regarding currency exchanges for non customers. The legitimate concerns are 1) BSA/AML and 2) exposure to "quick change" artists.

From conversations with community bankers, most indicate they would cash one bill for a non-customer. However, it generally stops there. Some will not do anything with a non customer.

First published on BankersOnline.com 5/1/06

First published on 05/01/2006

Filed under: 
Security
Filed under security as: 
Currency
IT

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