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1 Sugar Creek Center Blvd.
Suite 1050
Sugar Land, TX 77479

Phone: 1-877-271-1107

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Federal Regulations

We help you understand AML Compliance Regulations

federal regulations

What the federal regulations that I need to be aware of?

The federal Bank Secrecy Act (BSA) requires that all financial institutions, including check cashers, in the United States help U.S. government agencies and law enforcement preventing money laundering. To do this, the BSA requires that MSBs adhere to strict record keeping and reporting requirements. This includes:

  • Filing Currency Transaction Reports (“CTRs”) for all cash transactions in excess of $10,000
  • File Suspicious Activity Reports (“SARs”) for transactions involving suspected Money Laundering.
  • Maintaining records for all transactions of $3,000 to $10,000
  • Maintaining records of certain transactions of $3,000 or more
  • Maintaining records of currency exchanges (e.g., foreign to U.S.) in excess of $1,000
  • Keeping copies of all reports and records for a minimum of 5 years.