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Meet AML Compliance requirements with Check Cashing Compliance Software

"When I got the audit notice, I called EmagineNET. They helped me prepare for the audit by printing the right reports from QuickCheck check cashing compliance software."-Prime Stop, Arizona

• 1. Register your business with FinCen.gov

  Fill out the MSB Registration Form by visiting www.fincen.gov/forms and clicking on the "Money Service Business Registration (FinCin 107)" link in the "Other Forms" section at the bottom of the page.
  
  Send the completed form to:
  Enterprise Computing Center - Detroit
  Attn: Money Services Business Registration
  P.O. Box 33116
  Detroit, MI 48232-0116

  EmagineNET's Compliance Program Binder contains the registration form and instructions on how to fill it out.

• 2. Develop comprehensive compliance program

  You need to develop written policies and procedures that address the following:

  1. A process that verifies the identification of customer cashing the check
  2. A process for filing reports (CTR/SAR reports)
  3. Guidelines for detecting suspicious activity
  4. Guidelines for creating and retaining records; and
  5. 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.

  Assign an employee to be the compliance officer. Typically this person is the owner or the manager of the store. The compliance officer is responsible for assuring the following:

  1. your store properly files necessary reports and retains proper records
  2. the compliance program is updated to reflect current requirements and guidance by the Government
  3. 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.

  The designated compliance officer should train all employees who cash checks on the following matters:

  1. basics of the BSA regulations
  2. your store's policies and procedures for cashing checks
  3. steps to detect suspicious money laundering activity
  4. record keeping requirements for checks cashed above certain amount
  5. 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.

  Have any owner or employee of the business - other than the designated compliance officer - conduct regular reviews of the check cashing operation. The review should focus on the following:

  1. ensure the compliance program is up-to-date
  2. ensure all employees who cash checks are adequately trained
  3. ensure proper records are being maintained as per the store's compliance programs
  4. ensure CTR and SAR reports are being filed appropriately

  EmagineNET's Compliance Program Binder contains detailed check lists to help conduct these reviews.