§5325 Identification required to purchase certain monetary instruments

Summary

Banks and other financial institutions must not give or sell a bank check, cashier’s check, traveler’s check, or money order for cash transactions of $3,000 or more in U.S. coins or currency (or other payment types the Treasury names), unless one of two things happens. Either the person already has a transaction account with that institution and the bank confirms that from its account records and keeps a note of how it checked, or the person shows the ID the Treasury requires and the bank checks and records that information under Treasury rules. The bank must give the recorded information to the Treasury if the Treasury asks. Transaction account is defined by section 19(b)(1)(C) of the Federal Reserve Act.