Records that must be retained for deposit accounts include which of the following?
Records that must be retained for deposit accounts include which of the following?
Records that must be retained for deposit accounts include all amounts of currency deposited or withdrawn. This is a critical aspect of maintaining transaction history and financial integrity for the account. While other details such as the customer's TIN, overdraft history, and average daily balance can be important, the requirement to maintain detailed records of deposited or withdrawn currency is foundational for compliance and audit purposes.
The correct answer is D. Customer's TIN (Taxpayer Identification Number). Under the Bank Secrecy Act (BSA) and related regulations, financial institutions are required to retain records that are sufficient to reconstruct significant aspects of a customer's account activity. This includes information necessary for identifying the customer, such as the Taxpayer Identification Number (TIN), which is critical for various reporting and compliance purposes. While records of currency transactions and other account activity details like average daily balances and overdraft history may also be kept for internal purposes and compliance with other regulations, the specific requirement to retain the customer's TIN is a key aspect of recordkeeping under the BSA.