Originally Posted by
Lovelabs2
That’s the info FinCen requires store to keep on file. Yes that is all the info required. The $3k daily limit is with both WU n Moneygram MO. They c.an do any amount they choose but anything over $3k requires asking for ID info per Secrecy Act. Instead of filling out a form stores hold info electronically. WM used to have a book where they kept this data but no longer.
You like to cite the
Bank Secrecy Act a lot. Have you ever actually read it? Most of your comments regarding it are incorrect. To clear up a couple of your regular misstatements -
"anything over $3k requires asking for ID info per Secrecy Act" -- In fact, the $3,000 trigger on the purchase of MO's specifically and explicitly applies to monetary instruments purchased with CASH. Quoting the BSA -
Treasury regulation 31 CFR 103.29 prohibits financial institutions from issuing or selling monetary instruments purchased with cash in amounts of $3,000 to $10,000, inclusive, unless it obtains and records certain identifying information on the purchaser and specific transaction information
.
"Debit cards are cash" - Incorrect. The BSA regulations around cash are because cash transactions are not traceable. Debit card purchases involve an electronic transaction which can be traced back to an account and an account owner. Now VGC's, on the other hand,
should be treated like cash, because while they do leave an electronic trail, they can be purchased with cash, so that trail may be a dead end.
.
"Drug dealers don't by MO's with VGC's, they use cash" - In fact, VGC's are an ideal way to hide cash transactions because they can be purchased
with cash, purchases made with them are not subject to the BSA restrictions on cash, and they can be used pretty much anywhere.
(and yes, I did work in banking for many years)