Legal Question in Banking Law in Illinois

A Bank Draft

I am working in one currency exchange and on behalf of them sometimes I need to go to another currency exchange to purchase a bank draft payable to the company which our customer wants, in any foreign currencies . I pay by cash (provided by my company, where I am working) to purchase the bank draft and that currency exchange is demanding my ID card for the records and in their receipt also they put my name, id#, my residential address etc. Now I am worried about showing my identification for the bank draft which I am purchasing on behalf of my company, which in turn is selling it to our customers. My question is, is it legal? Is there any legal concerns in future about Income Tax, Money Laundering etc.?

I would really appreciate if you could answer me as soon as you can. Thanks.


Asked on 11/09/08, 8:57 pm

1 Answer from Attorneys
Motty Stone Law Offices of Motty Stone

Re: A Bank Draft

All you are doing by providing this information is making it easier for the Currency Exchange to find you if something goes wrong. Whatever your involvement with buying these drafts and what the Currency Exchange does to sell them does not change.

In other words, you are not more liable simply because they have your information on the receipt as long as they make a note that you work for the Currency Exchange as well. If you are uncomfortable using your personal address etc, you might try asking your boss to give you some kind of ID card that gives your Currency Exchange information rather than your residential address.

There is nothing illegal about selling a Bank Draft as long as all the information on the draft is true. If you are worried about where the money is coming from or going to, you should speak to your boss or an outside attorney.

Please feel free to contact us if you want to talk about the details.

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Answered on 11/09/08, 9:16 pm


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