Under the Funds Transfer Rule of the Bank Secrecy Act, which records must banks retain for all funds transfers?

Under the Funds Transfer Rule of the Bank Secrecy Act, which records must banks retain for all funds transfers?

• A. Name and address of originator; Date of payment order; Account number of originator
• B. Name and address of originator; Date of payment order; Account number of recipient
• C. Name and address of originator; Date of payment order; Bank routing number
• D. Originator private key; Transaction hash; Beneficiary address

Answer: (A)

The Funds Transfer Rule requires banks to keep a traceable, minimal set of information that ties a transfer to its originator and the action of initiating it. The key records are the originator’s name and address, the date of the payment order, and the originator’s account number. This combination uniquely identifies who started the transfer, when it was instructed, and which account was used to fund it, providing a clear audit trail for compliance and investigations. Other details like the recipient’s account or address, bank routing numbers, or technical data such as private keys or transaction hashes are not the standard records that must be retained for all funds transfers under this rule.

The Funds Transfer Rule requires banks to keep a traceable, minimal set of information that ties a transfer to its originator and the action of initiating it. The key records are the originator’s name and address, the date of the payment order, and the originator’s account number. This combination uniquely identifies who started the transfer, when it was instructed, and which account was used to fund it, providing a clear audit trail for compliance and investigations.

Other details like the recipient’s account or address, bank routing numbers, or technical data such as private keys or transaction hashes are not the standard records that must be retained for all funds transfers under this rule.