ITG FAQ #3 Answer-What are the recordkeeping requirements for money orders? |
|
Copies of all filed Currency Transaction Reports (CTRs) must be retained by the financial institution for five years from the date of the report (31 CFR 103.27(a)(3)). Certain records are required to be maintained for the issuance or sale of money orders involving currency in amounts of $3,000 - $10,000 inclusive, by or on behalf of one individual in one business day.
A. The following information must be obtained for the records:
-
The purchaser’s name and address
-
The purchaser’s Social Security Number (SSN) or Alien Identification Number (AIN)
-
The purchaser’s date of birth
-
The date of purchase
-
The type of instruments purchased
-
The serial numbers of the instruments purchased
-
The amount, in dollars, of each instrument purchased
B. The financial institution is required to verify the purchaser’s name and address and shall record the specific identifying information (e.g., State of issuance and purchaser’s driver’s license number (31 CFR 103.29(a)(2) (ii)).
C. These records must be retained by the financial institution for five years (31 CFR 103.29(c)).
Return to List of FAQs
|
|
|
Page Last Reviewed or Updated: November 19, 2008