For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?
For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?
Under the Bank Secrecy Act (BSA) regulations, financial institutions are required to retain records of transactions involving currency in amounts greater than $10,000 for a period of five years. This requirement helps in the investigation and prevention of money laundering and other financial crimes by ensuring that detailed transaction records are available for a significant period.
The correct answer is C. Five years. Under the Bank Secrecy Act (BSA) regulations, financial institutions are required to retain records of transactions involving currency in amounts greater than $10,000 for a period of five years. This requirement helps in the investigation and prevention of money laundering and other financial crimes by ensuring that detailed transaction records are available for a significant period.