Procedure for Keeping Cashier's Checks

Question:

What records must a bank keep regarding cashier's checks that are purchased? Do they have to have a log with the number of the check, when and who purchased it, and to whom it was payable? Where must they keep them and how long must they keep carbon copies?

Answer:

Any record retention requirement for cashiers checks per se would be a function of state law or regulation. BSA requires record retention in connection with monetary instruments sold for currency between $3,000 and $10,000 inclusive.

First published on BankersOnline.com 8/15/11