Federal and state government requires all Money Service Businesses (MSBs) to comply with Bank Sectary Act (BSA) requirements. Generally, the regulations require check cashing businesses create and enforce Anti Money Laundering policies and to maintain proper records for all transactions.

Yes.  The MSB regulations apply to any business that cashes checks. All such businesses are required to do more than just report transactions over $10,000. There are many other requirements including Suspicious Activity Reporting, OFAC verifications and recordkeeping requirements that apply.  Additionally, many states have licensing requirements for businesses that cash checks.

We provide our customers with an end-to-end compliance solution.  All customers can get an AML Compliance Binder that contains a proven template of AML policies.  QuickCheck automatically enforces the daily limits for Currency Transfer Reporting (CTR) and Suspicious Activity Reporting (SAR) and performs OFAC verifications.  This system can automatically log all records – including front and back check images – and make them available in easy to understand reports during compliance audits.

Yes.  We provide our customers with our QuickCheck ID Verification Software solution.

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 recordkeeping 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 the U.S.) in excess of $1,000
• Keeping copies of all reports and records for a minimum of 5 years.

All business that cash checks are considered Money Service Businesses (MBSs) and must register with the Financial Crimes Enforcement Network (“FinCEN”). Furthermore, they must implement Anti-Money Laundering (“AML”) programs to help prevent financial crime through their businesses. These programs must include:

• Written AML Policies and Procedures
• A Compliance Officer to administer the AML program
• An Employee Training Program, and
• Periodic Independent Review of the AML program to ensure that it is properly functioning.

All MSBs are subject to IRS audits to ensure compliance of the BSA laws and regulations. State banking examiners in many states also examine their MSBs for BSA compliance.
Failure to adhere to state and federal compliance laws can lead to very serious penalties and loss of critical banking relationships.