Be sure to JOIN US on March 12, 2020, for our webinar, “BSA for Tellers & Customer Service Representatives”.
Click on the video to listen to Kevin explain what this webinar is all about and why you need to attend.
As always, we will answer all questions asked during the webinar in writing. Here’s a sample:
Question: Do we have to fill out a monetary instrument transaction log for a customer who deposits over $3000.00 into his account and then turns around and purchases a money order out of that account?
Answer: FinCEN addresses this in their BSA Manual. It states: …when a customer purchases a monetary instrument in amounts 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 recordkeeping requirements of 31 CFR 1010.415 (aka a Monetary Instrument Log). This requirement applies whether the transaction is conducted in accordance with a bank’s established policy or at the request of the customer. So, you still need the information, even if the funds are first deposited.
Other Upcoming BSA/AML Webinars:
March 10th – BSA Officer/Team Responsibilities
March 31st – BSA: Just for Operations
April 2nd – BSA for Lenders