Introductory BSA/AML Examiner School, Atlanta, CA

MSBs Can Help In Other Ways

Keep Records (Cont.) Example. A customer wishes to exchange $3,000 in Canadian dollars for its equivalent in U.S. dollars, or a customer wishes to exchange $1,500 in $20 bills for $1,500 in $100 bills. In each case, the transaction must be recorded. The requirement to record currency exchanges includes the following — the currency exchanger must: Record customer ID and information, Record transaction information, Retain the record for five years from the date of the transaction. ■ ■ ■

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