Compliance Policies
The Anti-Money Laundering Policies are a vital element of your check cashing operations. QuickCheck has implemented these policies to help you be in compliance and ensure you do proper government filing when exceeding these policies. As a check casher, you are required to file certain reports when cashing an amount for a specific company or when you suspect there is an odd activity with the company or customer. There are two types of reports that are to be filed as a check casher; the CTR report and the SAR report.
The CTR or also known as the Currency Transfer Report must be filed when you cash $10,000 or more for a single customer in a day. This report must be filed with the BSA e-Filing system directly with FinCEN and when exceeding this limit, EmagineNET QuickCheck will alert you that by cashing such transaction you are exceeding the limit and therefore you need to do proper filing. You have the ability to accept or decline the check. This is mandatory and required for all check cashing establishments.
This policy can be seen by going to AML Compliance > Compliance Policy > Currency Transfer Report (CTR) Parameters > Condition 1: Report if a customer cashes checks that exceed $10,000 in 1 day.
The SAR or also known as the Suspicious Activity Report can be filed if a transaction exceeds $10,000 or more or if a customer cashes more than 2 checks totaling more than $10,000 in one month. This report can be filed with the BSA e-Filing system directly with FinCEN and when exceeding this limit, EmagineNET QuickCheck will alert you that by cashing such transaction you are exceeding the limit and therefore you need to do proper filing. You have the ability to accept or decline the check. This is not a mandatory form for check cashers but recommended if you suspect suspicious activity.
This policy can be seen by going to AML Compliance > Compliance Policy > Suspicious Activity Report (SAR) Parameters > Condition 1: Consider a transaction suspicious if it exceeds $10,000 and Condition 2: Report suspicious if a customer cashed more than 2 checks and the total of all checks is more than $10,000 checks in one month.
NOTE: We highly recommend to not edit any of these preset policies unless you receive a formal notification by FinCEN that these values have been changed and you are required to edit the amounts for proper filing.
EmagineNET QuickCheck provides a log for all your CTRs and SAR transactions for better monitoring. You may access them by going to AML Compliance > SAR Log or CTR Log.
If you need assistance with these policies, contact Customer Support.
