What is required in a credit union's records of sales if a purchaser does NOT have an account?

In a credit union's records of sales, when a purchaser does not have an account, it is essential to have the name and address of the purchaser. This requirement is in place to ensure that the credit union can identify and verify the individual making the transaction. Proper identification helps in complying with regulations designed to combat money laundering and other fraudulent activities.

Maintaining accurate records of a purchaser's name and address also serves to provide clarity and accountability in transactions that involve monetary instruments, especially where large amounts of currency may be in play. This practice aligns with the Bank Secrecy Act's emphasis on transparency and the need for financial institutions to understand their customers, even when that customer does not hold an account with them.

While details like the type of monetary instrument purchased, date of purchase, and amount purchased in currency are relevant to the transaction, the requirement to document the purchaser’s name and address is fundamental in establishing accountability and ensuring compliance with regulatory standards. These details help in subsequent monitoring and reporting as necessary under the Bank Secrecy Act.