(a) No financial institution
may issue or sell abank check or draft, cashier’s check, money order
or traveler’s check for $3,000 or more in currency unless it maintains
records of the following information, which must be obtained for each
issuance or sale of one or more of these instruments to any individual
purchaser which involves currency in amounts of $3,000-$10,000 inclusive:
(1) If the purchaser has a deposit account
with the financial institution:
(i) (A) The
name of the purchaser;
(B) The date of purchase;
(C) The type(s) of instrument(s) purchased;
(D) The serial number(s) of each of the instrument(s)
purchased; and
(E) The
amount in dollars of each of the instrument(s) purchased.
(ii) In addition, the
financial institution must verify that the individual is a deposit
accountholder or must verify the individual’s identity. Verification
may be either through a signature card or other file or record at
the financial institution provided the deposit accountholder’s name
and address were verified previously and that information was recorded
on the signature card or other file or record; or by examination of
a document which is normally acceptable within the banking community
as a means of identification when cashing checks for nondepositors
and which contains the name and address of the purchaser. If the deposit
accountholder’s identity has not been verified previously, the financial
institution shall verify the deposit accountholder’s identity by examination
of a document which is normally acceptable within the banking community
as a means of identification when cashing checks for nondepositors
and which contains the name and address of the purchaser, and shall
record the specific identifying information (e.g., State of issuance
and number of driver’s license).
3-1703.21
(2) If the purchaser does
not have a deposit account with the financial institution:
(i) (A) The name and address of the purchaser;
(B) The social security number
of the purchaser, or if the purchaser is an alien and does not have
a social security number, the alien identification number;
(C) The date of
birth of the purchaser;
(D) The date of purchase;
(E) The type(s) of instrument(s) purchased;
(F) The serial number(s) of the instrument(s)
purchased; and
(G) The
amount in dollars of each of the instrument(s) purchased.
(ii) In addition, the
financial institution shall verify the purchaser’s name and address
by examination of a document which is normally acceptable within the
banking community as a means of identification when cashing checks
for nondepositors and which contains the name and address of the purchaser,
and shall record the specific identifying information (e.g., State
of issuance and number of driver’s license).
3-1703.22
(b) Contemporaneous purchases of the same or different
types of instruments totaling $3,000 or more shall be treated as one
purchase. Multiple purchases during one business day totaling $3,000
or more shall be treated as one purchase if an individual employee,
director, officer, or partner of the financial institution has knowledge
that these purchases have occurred.
(c) Records
required to be kept shall be retained by the financial institution
for a period of five years and shall be made available to the Secretary
upon request at any time.
