Under BSA are Savings Bonds a Monetary Instrument?

Answered by:

Question:

Are Savings bonds considered a monetary instrument under the BSA?

Answer:

If your question relates to whether you are obliged to make certain records of purchases of monetary instruments when purchased for cash in amounts from $3,000 to $10,000 inclusive (under 31 C.F.R. Section 103.29), the answer is no. The requirement applies strictly to bank checks or drafts, cashier's checks, money orders, and traveler's checks.

Please also see: MSBs: Care and Caution Required

First published on BankersOnline.com 12/05/05