Old Feb 10, 16, 11:02 am
Join Date: Aug 2004
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Originally Posted by redbirdsj View Post
31 USC 5325 requires recordkeeping and reporting for purchases of money order with (a) currency or (b) monetary instruments prescribed by the Treasury Secretary.
For the audience, the relevant quote from 5325 is
"a transaction or group of such contemporaneous transactions which involves United States coins or currency (or such other monetary instruments as the Secretary may prescribe) in amounts or denominations of $3,000." (emphasis mine).
However, the Secretary hasn't so prescribed. Here's what the C.F.R. says (i.e. what the Secretary has prescribed):
"No financial institution may issue or sell a bank check or draft, cashier's check, money order or traveler's check for $3,000 or more in currency unless it maintains records of the following information, which must be obtained for each issuance or sale of one or more of these instruments to any individual purchaser which involves currency in amounts of $3,000-$10,000" (emphasis mine).
31 CFR 1010.415.

So, no recordkeeping requirement either. Full stop.

But you have a point, Wally World can do whatever the heck it wants (or whatever its lawyers tell it to). So, MSers are going to be confronted businesses that want to keep records of their transactions. My point is simply that:
Originally Posted by andyandy View Post
31 U.S.C. 5324 does not prohibit structuring to avoid a SAR. Section 5324 prohibits structuring to evade the requirements of either 5313 (CTR) or 5325 (ID required for currency purchase of monetary instruments), while SARs are governed by 5318(g).
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