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Product ID: 407979EAU
 
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BSA/AML Recordkeeping Requirements for Wire Transfers, Money Orders, and Other Transactions

OnDemand Webinar (59 minutes)

Gain deeper insight into BSA-AML requirements and what must be saved and for how long.Banks and other financial institutions are required by the Bank Secrecy Act (BSA) to maintain records for various types of transactions. Recordkeeping requirements may differ depending on the type of transaction and the role of the institution in the particular transaction. Failure to comply with applicable recordkeeping requirements can subject a financial institution to monetary penalties and other regulatory consequences. This topic will provide an overview of the BSA's recordkeeping requirements and discuss the requirements for funds transfers, monetary instruments, and certain other types of transactions. This information should help you understand when various types of transactions trigger recordkeeping requirements and what information must be collected and retained.

Authors

Javier A. Urbina, Skadden, Arps, Slate, Meagher & Flom LLP

Agenda

Overview of BSA/AML Recordkeeping Requirements

• Requirements for Banks and Other Financial Institutions

• Nature of Records and Retention Period

• Relevant Regulations and Sources

Recordkeeping Requirements for Funds Transfers

• When Do Funds Transfers Trigger Recordkeeping Requirements?

• What Information Must Be Collected and Retained?

- Institution's Role in the Funds Transfer

- Established vs. Non-Established Customers

• Exceptions

• FinCEN's Proposed Rule Regarding International Funds Transfers (October 2020)

Recordkeeping Requirements for Monetary Instruments

• When Do Monetary Instruments Trigger Recordkeeping Requirements?

• What Information Must Be Collected and Retained?

- Deposit Accountholder vs. Non-Accountholder

- Identity Verification

• Indirect Purchases of Monetary Instruments

Other BSA/AML Recordkeeping Requirements

• Extensions of Credit

• Other Transactions