For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?
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Under the Bank Secrecy Act (BSA), banks are required to maintain records of certain currency transactions to help prevent money laundering and other financial crimes. This includes transactions involving currency in amounts greater than $10,000. The records must be kept for a certain period of time as specified by the BSA.
According to the BSA regulations, banks are required to keep records of currency transactions over $10,000 for a period of five years. This applies to both deposits and withdrawals of currency. The five-year period begins on the date of the transaction.
In addition to the currency transaction records, banks are also required to maintain records of other types of transactions and activities that may be relevant to identifying and preventing financial crimes. These records may include information such as the identity of the customer, the nature of the transaction, and any other relevant information.
Banks that fail to comply with the recordkeeping requirements of the BSA may face penalties and other sanctions. In addition, failure to maintain adequate records can make it more difficult for law enforcement agencies to investigate and prosecute financial crimes.
Overall, it is important for banks to have robust recordkeeping systems in place to comply with the BSA and help prevent financial crimes.