From the FINCEN website......."Under 31 CFR 103.29 banks are required to verify the identity of persons purchasing monetary instruments for currency in amounts between $3,000 and $10,000, inclusive, and to maintain records of all such sales.Banks may either verify that the purchaser of monetary instruments is a deposit accountholder with identifying information on record with the bank, or a bank may verify the identity of the purchaser by viewing a form of identification that contains the customer’s name and address and that the financial community accepts as a means of identification when cashing checks for noncustomers. The bank must obtain additional information for purchasers who do not have deposit accounts. The method used to verify the identity of the purchaser must be recorded. "............I had a member deposit 4500.00. THen in turn purchased a cashiers check for $1300.00. The teller completed the MIL. Even if the check purchased was less then $3,000, is a MIL still required?
October 15, 2013 - 4:58pm
#1
