BSA/AML Examiner School Case Study

Internal Use Only

have as a purpose only the term "share loan" or "savings account loan." The lenders must ask customers to specify the intended use of the loan proceeds, for example, taking a vacation, buying furniture or paying college expenses. Although this type of inquiry may seem intrusive to your customers, lenders must explain that federal regulations require you to record a specific purpose for the loan. Record keeping should be kept for extensions of credit in an amount over $10,000, except when the extension is secured by an interest in real property. The following should be maintained:

• Name of borrower and address of borrower; • Date of loan and amount of credit extended; • Nature or purpose of loan. International Transactions in Excess of $10,000

A record of any advice, request or instruction received or given to another financial institution or other person located within or outside the US, regarding a transaction which results in the transfer of funds, currency, checks, investment securities or other monetary instruments or credit of more than $10,000.00 to a person, account or place outside the US., including: • A record of any advice, request or instruction received regarding a transaction which results in the transfer of funds, currency, checks, investment securities, or other monetary instruments or credit of more than $10,000.00 to a person, account or place outside the US. • A record of any advice, request, or instruction given to another financial institution or other person located within or outside the United States, regarding a transaction which results in the transfer of funds, currency, checks, investment securities or other monetary instruments or credit of more than $10,000.00 to a person, account or place outside the US. • Items relating to any transaction of more than $10,000.00 received on any one occasion directly and not through a domestic financial institution, from a bank, broker or dealer in foreign exchange outside the United States. • A check or draft in an amount in excess of $10,000.00 drawn on or issued by a foreign bank which the domestic bank has paid or presented to a non-bank drawee for payment. Signature Cards Documents granting signature authority over each deposit account. Account Statements A statement, ledger card or other record on each deposit account that shows each transaction involving the account Checks in Excess of $100.00 Each check, draft or money order drawn on the Bank or issued and payable by. Deposits in Excess of $100.00 Each deposit slips or credit tickets reflecting a transaction in excess of $100.00 or the equivalent record for direct deposit or other wire transfer deposit transaction (the slip or ticket must record the amount of currency involved). In addition, a record must be kept of each debit to a customer's deposit or savings account in excess of $100. Records to Reconstruct Demand Deposit Accounts

For Training Purposes Only

Page 63