What is an MIR?

What is an MIR?

• A. A report that banks are required to perform that record the monetary instrument sales (Ex. Bank check or draft, cashier's check, money order, or traveler's check) that involves cash amounts of $3,000.00 to $10,000.00 with supporting purchaser information
• B. A report that records cash deposits of all customers daily
• C. A form used to report suspicious activity
• D. A log of sales transactions

Answer: (A)

An MIR is the Monetary Instrument Report banks file when a customer purchases or sells negotiable monetary instruments with cash within a defined range. Typically, this covers instruments like money orders, cashier's checks, traveler's checks, or bank checks where the cash involved is between $3,000 and $10,000, and it includes purchaser information to identify who bought or sold the instrument. The purpose is to help banks and authorities detect potential money laundering or structuring. It’s different from a Currency Transaction Report, which covers cash transactions over $10,000; it’s not simply a log of all sales, and it’s not the form used to report suspicious activity (that would be a SAR).

An MIR is the Monetary Instrument Report banks file when a customer purchases or sells negotiable monetary instruments with cash within a defined range. Typically, this covers instruments like money orders, cashier's checks, traveler's checks, or bank checks where the cash involved is between $3,000 and $10,000, and it includes purchaser information to identify who bought or sold the instrument. The purpose is to help banks and authorities detect potential money laundering or structuring. It’s different from a Currency Transaction Report, which covers cash transactions over $10,000; it’s not simply a log of all sales, and it’s not the form used to report suspicious activity (that would be a SAR).