Topic: Record Retention
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How many years of compliance examination reports do you have to keep or recommend keeping?
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We believe it is a best practice to save compliance examination reports permanently.
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We do Fedline Advantage for wires that go out of and come in to the bank. For how long do we have to retain documentation of the wires?
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We recommend that you retain documentation of Fedline transfers for five years. The BSA regulations require you to retain documentation of any funds transmittals of $3,000 or more for five years. 31 CFR 1010.410(f)
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What are the record retention requirements for the Dodd Frank Legislation?
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Provisions of the Dodd-Frank Act relating to registered swap dealers and major swap participants require such entities to retain daily trading records, including electronic e-mails. Dodd-Frank also authorizes the SEC to require all managers of private funds (registered or not registered) to retain general records. More record retention requirements may appear as federal agencies release…
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Where can I find information about Bank Drafts? We are hearing that some banks are using drafts as opposed to Cashier’s Checks so that stop payments can be placed on the items.
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We do not have any specific information regarding banks using bank drafts instead of cashier’s checks, but it may be a result of the recent Illinois Supreme Court decision in MidAmerican Bank, FSB, v. Charter One Bank, FSB. The court in MidAmerican held that stop payment orders are prohibited on cashier’s checks. The use of…