BSA/AML Examiner Training Series 2

31 CFR Chapter X – Financial Crimes Enforcement Network (Continued)

Code

Failure to retain certain records to reconstruct demand deposit account for five years Section 1020.410(c)(10) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to retain for five years certain other records relating to demand deposit accounts sufficient to reconstruct a demand deposit account, trace a check, or supply a description of a deposited check. Failure to maintain transaction and customer information of purchases of CDs Section 1020.410(c)(11) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain a record of the purchaser of each certificate of deposit which includes the purchaser’s name, address, and taxpayer identification number, a description of the instrument, notation of the method of payment, and the date of the transaction. Failure to maintain information on customer presenting CD for payment Section 1020.410(c)(12) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain a record of the name, address, and taxpayer identification number, if available, of any person presenting a certificate of deposit for payment, as well as a description of the instrument and date of the transaction. Failure to retain deposit/credit ticket over $100 for electronic deposits Section 1020.410(c)(13) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain a deposit slip or credit ticket reflecting a transaction in excess of $100 or the equivalent record for each direct deposit or wire transfer deposit and to record on the slip or ticket the amount of any currency involved. Failure to maintain check items over $100 Section 1020.410(c)(3) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to maintain the original or a copy of each check, draft, or money order over $100 drawn on the bank or issued and payable by the bank. Failure to retain required records for five years Section 1010.430(d) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to retain required records for a period of five years. Failure to search records Section 1010.520(b)(3)(i) of the Treasury Department’s Bank Secrecy Act regulations requires a covered financial institution to search specific records as defined by this Section upon receiving a request from the Financial Crimes Enforcement Network.

67,007

67,008

67,009

67,010

67,011

68,000

70,000

Revised 5/3/2023

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