![]() This person is responsible for drafting and maintaining your compliance program. To ensure that you are up to date with the latest check cashing laws, it is important to designate a compliance point person for your business. Meticulous record-keeping also helps FinCEN spot trends in financial fraud and update their regulations accordingly. Record collection and retention processĮach process is designed to facilitate communication and create a record of suspicious activity for easier prosecution down the road.Records for transmittal of funds, purchase of bank checks, cashier’s checks, money orders, traveler’s checks, prepaid access cards.Establishment of a written Anti-Money Laundering (AML) program.The US Patriot Act updated the BSA with further measures to prevent terrorist financing.īSA requirements for licensed check cashers include: The BSA was enacted to encourage cooperation and communication between the government, law enforcement agencies, and financial institutions in the detection, prevention, and prosecution of financial crimes. įinCEN is primarily responsible for enforcing the Bank Secrecy Act (BSA) of 1970. For current requirements and important updates, check cashers are advised to refer to the official FinCEN website. To register, the owner must complete the Registration of Money Services Business, FinCEN Form 107, and file it with FinCEN. ![]() The owner of a check cashing business must register within 180 days of the business being established.
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