Answer:
Answer by David Dickinson:I'm not aware of any place this is addressed. You must file a CTR, no question. You could complete the Monetary Instrument Log, but I agree with you that it isn't necessary. It is my understanding that the MIL was designed to catch cash purchases below $10,000. If a CTR is completed, you've accomplished everything the MIL would accomplish and more.
Answer:
Answer by Randy Carey:I have never seen this specifically addressed either, but I am under the impression that the two sections of the BSA regulations have to be read separately. 31 CFR 103.29 would require that the record-keeping requirements for the purchase of a monetary instrument be maintained as you had a monetary instrument for $7,500 purchased with cash. 31 CFR 103.22 would require that a CTR be filed because aggregate transactions totaling more than $10,000 in cash occurred. Complying with one section of the regulation does not cancel out the other requirement.
Answer:
Answer by John Burnett:If the cash purchase of the monetary instrument had been for more than $10,000, you would not have to record the information required in the record-keeping rule, but would have to file the CTR. I agree that if the cash purchase piece of the scenario is from $3,000 to $10,000 inclusive you have to comply with the requirements in Section 103.29 even if aggregation with a deposit calls for a CTR.
First published on BankersOnline.com 7/14/08
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