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
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them.
Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).