A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of $4,000. The compliance officer must determine compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?

Question

Quizplus · Accepted Answer

The serial numbers of the travelers' checks purchased must be recorded by the bank in order to comply with financial recordkeeping and currency reporting regulations. M's date of birth and deposit account number are not necessary for this particular transaction review. The name of the branch where the transaction occurred may be helpful for recordkeeping purposes, but it is not essential for compliance with financial recordkeeping and currency reporting regulations.

A Compliance Officer Is Constructing a Review of a Transaction