For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?

The Bank Secrecy Act (BSA) requires financial institutions to retain records related to currency transactions greater than $10,000 for a period of five years from the date of the transaction. This includes copies of the filed Currency Transaction Reports (CTRs) and any supporting documentation that substantiates the information on the report. This five-year retention period allows law enforcement and regulatory agencies adequate time to request and review historical transaction data during investigations or examinations.

A. Two years is an insufficient retention period and does not comply with the specific requirements of the Bank Secrecy Act.
B. Three years is an insufficient retention period and does not comply with the specific requirements of the Bank Secrecy Act.
D. Seven years is longer than the required retention period. While a bank may choose to keep records longer, the BSA mandate is five years.

1. Code of Federal Regulations, 31 C.F.R. § 1010.430(d). This regulation explicitly states, "Records required to be kept... shall be retained for a period of five years." It directly references records required under § 1010.311 (CTR reporting).

2. Financial Crimes Enforcement Network (FinCEN). (2020). FFIEC Bank Secrecy Act/Anti-Money Laundering Examination Manual. Section: "BSA Recordkeeping Requirements," Appendix P. This appendix provides a quick reference chart stating a 5-year retention requirement for "Information related to a CTR."