Money Laundering:

Stakeholders View Recordkeeping Requirements for Cashier's Checks as Sufficient

GGD-95-189: Published: Jul 28, 1995. Publicly Released: Jul 28, 1995.

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Pursuant to a legislative requirement and a congressional request, GAO provided information on: (1) the current recordkeeping requirements for cashier checks; and (2) whether federal government and financial industry officials believe that additional recordkeeping requirements should be imposed on those financial institutions issuing cashier checks.

GAO found that the Bank Secrecy Act (BSA) requires financial institutions issuing or exchanging cashier's checks to: (1) file a currency transaction report for financial transactions over $10,000; (2) capture and retain purchaser information for transactions between $3,000 to $10,000; (3) retain copies of cashier's checks for amounts over $100; and (4) maintain a record of certain check transactions exceeding $100. In addition, GAO found that federal government and financial industry officials believe that the current recordkeeping and reporting requirements are sufficient, and imposing additional requirements would not add to the effectiveness of the current BSA recordkeeping requirements.

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