What must all "transmittor financial institutions" include in the transmittal order?

All "transmittor financial institutions" are required to include certain critical details in the transmittal order to ensure compliance with regulations and to maintain transparency in financial transactions. Including the amount of the transmittal order is crucial because it provides a clear record of the specific value being transmitted, which is essential for tracking the movement of funds and for reporting purposes under the Bank Secrecy Act (BSA).

The amount allows for monitoring and evaluation against potential money laundering activities or suspicious transactions. It also plays a significant role in reporting thresholds that trigger regulatory scrutiny, such as the requirement to file a Currency Transaction Report (CTR) for transactions exceeding certain amounts. By capturing the precise amount, the financial institution preserves a clear and transparent audit trail, facilitating adherence to compliance mandates.

While specific identifying information of the purchaser, the nature of the financial transaction, and the method of payment used are also important elements for comprehensive transaction records, the fundamental requirement for all transmittal orders starts with documenting the amount being transferred. This foundational detail supports regulatory and compliance efforts by providing a clear context for the entire transaction.