BSA/AML: Recordkeeping – Wires, Money Orders, and Other Challenges


Description: BSA/AML: Recordkeeping - Wires, Money Orders, and Other Challenges describes the BSA recordkeeping requirements for various types of bank records.  This course includes information the bank should collect or retain for each wire transfer, including recordkeeping for noncustomers and PUPID transaction. It emphasizes the importance of being able to retrieve information for law enforcement. This course also describes the travel rule and the information the originator’s bank should obtain and transmit for transactions. This course explores the recordkeeping requirements for direct and indirect purchases of monetary instruments, including acceptable identification for account holders and non-account holders. It examines recordkeeping requirements related to extensions of credit, lending products, and other types of transactions.


Audience: Employees involved with originating  or disbursing wire transfers, selling negotiable instruments, opening accounts or taking loan applications, and responsible for record retention.


Learning Objectives: After completing this course, students will be able to:

  • Recognize bank recordkeeping requirements for wire transfers
  • Explain the recordkeeping requirements for monetary instruments
  • Describe recordkeeping requirements for an extension of credit and other BSA transactions—including, FINCEN 314(a) and (b)