Skip to content

Monetary Instrument Sales Form and Log

Answered by: 

Question: 
If we adopt the overall bank policy that we will no longer sell monetary instruments to non-customers, and in addition require our customers to deposit cash into their accounts and then debit their accounts for official check purchases, will we still have to keep the Monetary Instrument Sales Form and Log? Can we adopt this policy and pass our examinations?
Answer: 

According to a November 2002 FinCEN interpretation letter, when a customer purchases a monetary instrument between $3,000 and $10,000 using currency that the customer first deposits into the customer’s account, the transaction is still subject to the record keeping requirements of Section 103.29. Section 103.29 does not require a log, but it does require you to keep all of the info (you might as well keep a log) in the situations you describe (customer first depositing cash then purchasing the official check).

First published on BankersOnline.com 2/05/07

First published on 02/05/2007

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics