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ITG FAQ #3 Answer-What are the recordkeeping requirements for all financial institutions?

  • A copy of all Currency Transaction Reports (CTRs) must be retained for a period of five years from the date of the report (31 CFR 103.27 (a)(3)). You have the option of storing them as paper filings, saving them to your computer's hard drive or a network drive, or storing them on magnetic media. You will not be able to retrieve your filings from BSA E-Filing once you have submitted them. BSA E-Filing does not store filings; it only transmits them to FinCEN.
  • A record of each extension of credit in an amount in excess of $10,000, except an extension of credit secured by an interest in real property, which record shall contain the name, address of the person to whom the extension of credit is made, the amount thereof, the nature or purpose thereof, and the date thereof (31 CFR 103.33(a)).
  • A record of each advice, request or instruction received or given regarding any transaction resulting (or intended to result and later cancelled if such a record is normally made) in the transfer of currency or other monetary instruments, funds, checks, investments securities, or credit, of more than $10,000 to or from any person, account or place outside the United States (31 CFR 103.33(b)).
  • A record of each advice, request or instruction given to another financial institution or other person located within or without the United States, regarding a transaction intended to result in the transfer of funds, or of currency, other monetary instruments, checks, investment securities or credit, of more than $10,000 to a person, account or place outside the United States (31 CFR 103.33(c)).

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Page Last Reviewed or Updated: 12-Oct-2016