Where a customer at the same counter at one time uses cash to make multiple outward remittances, or request the drawing of negotiable instruments (e.g., bank check, due-from-bank check, and bank draft), purchases NCD, traveler’s checks, or other valuable securities, which in total exceeds a certain amount and the customer is unable to reasonably explain the purposes of those transactions.Ĥ. Where a customer makes multiple cash deposits or withdrawals at the same counter, which cumulatively reach above a certain amount and the transactions do not appear to be commensurate with the customer’s status and income or are unrelated to the nature of the customer’s business.ģ.
Where the total cash deposits or withdrawals into or from the same account on the same business day cumulatively reaches above a certain amount and the transactions do not appear to be commensurate with the account holder’s status and income or are unrelated to the nature of the customer’s business.Ģ. In case of any of the following situations, a financial institution shall verify the identity of the customer and keep the transaction record, and file a suspicious transaction report (STR) thereof with the Investigation Bureau, Ministry of Justice:ġ.
#Currency transaction report filing verification
Verification and reporting of transactions on a case-by-case basis may be waived for such an account unless the Investigation Bureau, Ministry of Justice responds to the contrary within ten days from the receipt of the name list.Ī financial institution shall examine the counterparties to the transactions exempted from reporting on a case-by-case basis as mentioned in the preceding paragraph at least once every year, and report to the Investigation Bureau, Ministry of Justice for recordation if a counterparty no longer has business dealing as mentioned in the preceding paragraph with it. In case of non-individual accounts such as those opened by department stores, megastores, supermarket chains, gas stations, hospitals, transportation businesses and hotels and restaurants which must deposit cash amounting to over a certain amount constantly or routinely in line with business needs, the financial institution may, after verifying the actual business needs, submit the name list to the Investigation Bureau, Ministry of Justice for recordation. Nevertheless, the duplicate copy of the payment notice shall be kept as the transaction record.
#Currency transaction report filing code
Payments collected on behalf of a third party (excluding payments deposited in designated stock subscription accounts) where the payment notice expressly bears the name, ID Card number (including the code which enables tracking of counterparty’s identity), and type and amount of transaction. Lottery ticket purchases by lottery merchants. Notwithstanding the foregoing, payables to another bank’s customer paid through an inter-bank deposit account, such as a customer cashing the check issued by another bank, shall be handled as required, provided the cash transaction of the same customer exceeds a certain amount.ģ. Receivables and payables arising from the transactions with government agencies, state-run enterprises, institutions acting with governmental power (within the scope of mandate), public and private schools, public enterprises and government funds established where relevant regulations or contractual relationships so provide.Ģ. Transactions and fund arrangements between financial institutions. Keep the originals of the verification record and proof of transaction for five years.Ī financial institution is not required to file a report on any of the following cash transactions above a certain amount with the Investigation Bureau, Ministry of Justice, provided the financial institution verifies the identity of the customer and keeps the transaction record thereof:ġ. Each financial institution has the option to choose a method for documenting the customer verification procedure and applies the method consistently throughout the entire institution.Ĥ. If the transaction is conducted by an agent, check the identity of the agent by checking his or her ID document or passport and record the name, date of birth, address, and telephone of the agent, account number, amount of transaction, and ID number.ģ. Notwithstanding the foregoing, in case that a customer engaging in the cash transaction of an account is confirmed to be exactly the accountholder, it should be clearly noted in the transaction record rather than undertaking a repeated ID verification.Ģ. Verify the identity of the customer by checking his or her identity (ID) document or passport and record the customer’s name, date of birth, address, telephone, account number, amount of transaction, and ID number. Financial institutions shall comply with the following provisions with respect to cash transactions above a certain amount:ġ.
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