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. Explore the Federal Regulations section to learn more about national requirements and explore the State Regulations section to learn about state level requirements.
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 record keeping requirements that apply. Additionally, many states have licensing requirements for businesses that cash checks. Explore Steps to Become Compliant section to learn more about what you need to do to become compliant.
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. Explore How We Help section to learn more.
We provide our customers with our QuickCheck ID Verification Software solution.