Skip to content

Spreadsheet for Monetary Instrument Logs

Answered by: 

Question: 
I am new to the Compliance Department. I am currently working on a spreadsheet for our Monetary instrument logs. I don't even know where to start. Any help would be great!
Answer: 

First, remember that there isn't a requirement that you keep these records in a log. That said, many banks use a log, often in spreadsheet form, to record the necessary information so that it can be readily retrieved. A spreadsheet or database format also provides potential for sorting and interpreting the data to help spot trends or suspect activity.

I'd start by setting up columns based on the information required for a purchase by a non-depositor, and then populate the spreadsheet with a line for each transaction to be recorded. Make sure each row includes the transaction date. Don't forget that the "purchaser" is the individual conducting the transaction, not necessarily the person on whose behalf it is conducted (including a column for the person on whose behalf a purchase is completed -- the remitter, if you will -- is actually a good idea for monitoring purposes).

First published on 02/23/2015

Filed under: 
Filed under lending as: 
Filed under operations 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