30day Records For Official Checks

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Question:

We have been informed that it is now a requirement to maintain 30 day records of purchasers of Official Checks/Cashier Checks with the requirement to report multiple suspicious purchasers within the 30dy period. Is this a specific BSA or USA Patriot Act requirement?

Answer:

Unless it is a specific targeting order from the Treasury (which your bank cannot reveal), I am aware of no regulatory fiat to aggregate multiple days' check purchases. It's possible that your financial institution's management has decided to do this on their own. I suggest you inquire of management as to the source of this pronouncement.

First published on BankersOnline.com 12/16/2002