Monetary Instrument Log Record Retention

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Question:

How long do we have to keep the information collected from the monetary instrument logs and where would I find the citation?

Answer:

You will find the rule in the Financial Recordkeeping and Reporting of Currency and Foreign Transactions (BSA) regulation at section 103.38(d). As with other records the regulation requires, your retention period should be five years.

First published on BankersOnline.com 1/26/09