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If the bank sells a 3,000 traveler's check ...

If the bank sells a 3,000 traveler's check, which of the following statements is true?

a) the bank must report the transaction on a currency transaction on a currency transactions report form

b) the bank must obtain identification information from the buyer but need not retain the information if the buyer is a customer

c) the bank must obtain and retain any required identification for five years.

d) the bank has no obligations with respect to the transaction because it does not exceed 10,000

Solution Summary

This solution addresses the following banking regulation question:

If the bank sells a 3,000 traveler's check, which of the following statements is true?

a) the bank must report the transaction on a currency transaction on a currency transactions report form

b) the bank must obtain identification information from the buyer but need not retain the information if the buyer is a customer

c) the bank must obtain and retain any required identification for five years.

d) the bank has no obligations with respect to the transaction because it does not exceed 10,000

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