BSA/AML Examiner School Case Study

Internal Use Only

Records prepared or received by the Bank in the ordinary course of business which is needed to reconstruct a demand deposit account and to trace a check in excess of $100.00 deposited in such demand deposit account. Certificates of Deposit Purchased or Presented BSA requires the Bank to obtain information on the source of funds for the purchase of certificates of deposit. This information must be maintained for 5 years and kept in a format that can be retrieved if requested by examiners or law enforcement. CD personnel should be aware that if a certificate of deposit is cashed by a beneficiary after the owner's death, they must collect the social security number of the beneficiary and retain that information as well. The Bank should keep record of CD purchases and include: • Customer name and address; • Taxpayer identification number (TIN); • Date of transaction and description of the certificate of deposit; • Notation of the method of payment if purchased (Source of Funds for the Purchase of Certificates of Deposits).

For Training Purposes Only

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