From the MAY 28, 1990, issue Credit Union Times.
WASHINGTON D.C. – Effective Aug. 13, new money laundering regulations will require credit unions to keep a monthly chronological log identifying members who purchase travelers checks, cashier's checks, banks checks or money orders worth $3,000 or more. The recordkeeping requirement was issued by the Treasury Department on May 15. The recordkeeping requirements have been eased somewhat from the proposed rule by dropping a two-tier system that distinguished between individuals with transaction accounts and those with other types of accounts.
The final rule permits less extensive recording requirements from accountholders than for non-accountholders. Since CUs sell these instruments primarily to account holding members, they will be able to take advantage of the less stringent recordkeeping requirements, industry sources say.
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