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Non-customer Check Cashing & 314(a) Searches

Answered by: 
Randy Carey
Ken Golliher

Question: 
During a recent exam, an examiner said that banks are required to search transactions not linked to an account conducted by a named subject in the FinCEN 314(a) request during the preceding six months. The examiner also stated that the transaction threshold would be $3000 and above. We rarely cash checks for non-customers, although if the person brings a check drawn on this bank, we would normally cash the item. We don't sell monetary instruments to non-customers because we do not want to have the additional burden of checking a name during the 314(a) search. Now, will we need to not cash checks for non-customers as well?
Answer: 

Answer by Randy Carey:Have the examiner show this to you in the regulations or guidance issued by FinCEN: it does not exist. There is no "requirement" to check cashed checks. Pull the instructions for checking 314(a) from the secured website and ask him where this is addressed.

Answer: 

Answer by Ken Golliher:The criticism you are being offered is grossly incorrect for a wide variety of reasons. As suggested, hand the examiner a copy of the instructions and 31 CFR 103.100. Apparently, he or she is unfamiliar with either of them.

First published on BankersOnline.com 10/05/09

First published on 10/05/2009

Filed under: 
Security
Filed under security as: 
Checks
FinCEN
IT

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