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Meet AML Compliance requirements with Check Cashing Compliance Software
1. Register your business with FinCen.gov
2. Develop comprehensive compliance program
- A process that verifies the identification of customer cashing the check
- A process for filing reports (CTR/SAR reports)
- Guidelines for detecting suspicious activity
- Guidelines for creating and retaining records; and
- Procedures for responding to law enforcement requests
EmagineNET’s Compliance Program Binder contains a template that meets all these requirements.
3. Designate a compliance officer for your business.
- your store properly files necessary reports and retains proper records
- the compliance program is updated to reflect current requirements and guidance by the Government
- you provide necessary training and education to all employees who cash checks
EmagineNET’s Compliance Program Binder contains template for designating and training the compliance officer.
4. Train your employees.
- basics of the BSA regulations
- your store’s policies and procedures for cashing checks
- steps to detect suspicious money laundering activity
- record keeping requirements for checks cashed above certain amount
- steps to file CTR and SAR forms
EmagineNET’s Compliance Program Binder contains presentations that can be used to provide training to all the employees.
5. Conduct regular, independent reviews.
- ensure the compliance program is up-to-date
- ensure all employees who cash checks are adequately trained
- ensure proper records are being maintained as per the store’s compliance programs
- ensure CTR and SAR reports are being filed appropriately
EmagineNET’s Compliance Program Binder contains detailed check lists to help conduct these reviews.