Puerto Rico Due Diligence Memorandum Based on Files Examined
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How to fill out Due Diligence Memorandum Based On Files Examined?
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A Monetary Instrument Log should record each exchange totaling $3,000-$10,000 inclusive, whether the exchange is made in cash or cryptocurrency. It should also include a set of relevant customer data secured in some digital format. The record should include all of the transaction and customer information.
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Record Keeping Requirements. The records must be retained for a period of 5 years from June 30th of the year following the calendar year reported and must be available for inspection as provided by law. Retaining a copy of the filed FBAR can help to satisfy the record keeping requirements.
The BSA requires each bank to establish a BSA/AML compliance program. By statute, individuals, banks, and other financial institutions are subject to the BSA recordkeeping requirements.
The CDD Rule requires these covered financial institutions to identify and verify the identity of the natural persons (known as beneficial owners) of legal entity customers who own, control, and profit from companies when those companies open accounts. The CDD Rule has four core requirements.
Keep the record for 5 years from the date of transaction. MSBs that provide money transfer services must obtain and record specific information for each money transfer of $3,000 or more, regardless of the method of payment.
Specifically, the regulations implementing the BSA require financial institutions to, among other things, keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax ...
