Series 14: 8.4.1. AML Reports And Records

Taken from our Series 14 Online Guide

8.4.1. AML Reports and Records

The three main types of AML-related documentation are:

Monetary Instrument Log (MIL). A record of cash purchases of negotiable instruments (for example, cashier’s checks) between $3,000 and $10,000, going back five years.

Currency Transaction Report (CTR). A report that must be filed with FinCEN when a customer makes cash transactions in a single day exceeding $10,000, whether one transaction or several smaller ones. The CTR must be filed within 15 calendar days.

Suspicious Activity Report (SAR). A report that must be filed on any customer who appears to be avoiding Bank Secrecy Act reporting requirements or is behaving in a way that suggests money laundering or some other illegal activity. The SAR must be filed within 30 calendar days.

SARs must be filed whenever a customer makes a trans

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