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Proven Easy-To-Use Check Cashing Software

As per Federal and State government regulations, all Money Service Businesses (MSBs) are required to comply with Bank Secrecy Act (BSA) requirements. Generally, the regulations require check cashing businesses to create and enforce Anti Money Laundering policies as well as maintain proper records for all transactions. To learn more about national requirements browse through the Federal Regulations section, and to learn about state level requirements explore the State Regulations section

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Do I need to worry if I don't cash checks over $10,000?

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 but not limited to:

Suspicious Activity Reporting

Suspicious Activity Reporting

OFAC Verifications

OFAC Verifications

Record Keeping

Record Keeping

Additionally, many states have licensing requirements for businesses that cash checks. Browse through our "Steps to Become Compliant" section to learn more about what you need to do to become compliant.


How Can Modisoft Help Me Become Compliant?

We provide our customers with an end-to-end compliance solution. eChecks 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.

Federal Regulation

Federal Regulations

The Bank Secrecy Act (BSA) requires all Money Service Businesses (MSBs) to comply with its regulations. All Money Service Businesses need to adhere to Anti Money Laundering (AML) regulations. At the same time, all MSBs need to keep track of every transaction and provide these details to the authorities when required. All MSBs need to process checks over $10,000 and maintain a record of each transaction as well. In addition, they need to follow certain guidelines like:

  • Report suspicious activity in real-time
  • Maintain proper records of all check transactions
  • Complete OFAC verifications / SDN list verifications
  • Maintain records for all transactions between $3,000 and $10,000

In addition to regular policies, there are certain regulations enforced by state authorities. All MSBs need to verify with local authorities to ensure that government policies and procedures are strictly followed.


Is eChecks Compliant with Federal Regulations?

Yes, eChecks works in total compliance with Federal and State regulations. By providing end-to-end check cashing solutions that are totally compliant with federal regulations, eChecks allows you to perform several important tasks like:

  • OFAC verifications
  • Suspicious Activity Monitoring (SAR) log maintenance
  • Currency Transfer Reporting (CRT) log maintenance

With automatic scanning of checks, eChecks provides an automated way to comply with government regulations.



Why should you register your business with FinCen?

As a part of Federal Regulations, Money Service Businesses (MSBs) need to register their businesses with the Financial Crimes Enforcement Network (FinCEN).


What is FinCEN?

FinCEN or Financial Crimes Enforcement Network is a part of United States Treasury Bureau that creates a network of people and information to effectively combat financial crimes. Established in 1990, FinCEN collects money transaction information and analyzes it to fight money laundering and other financial crimes.

Register with FinCEN

Who Should Register with FinCEN?

To register your business with FinCEN, download and complete the MSB registration form on the FinCEN website. The MSB registration form requires the following information:

  • CTR reports for transactions involving $10,000 and more
  • Suspicious Activity Reports for any money laundering cases
  • Maintain records for check transactions and currency exchanges
  • Managing records for a period of at least 5 years
Compliance Audits

What About Compliance Audits?

In addition to AML procedures, all MSBs must adhere to Bank Secrecy Act (BSA) regulations as well. For BSA compliance, businesses are examined by the State Banking authorities on a regular basis. If found guilty, your business can be subjected to huge penalties.

Government Agencies

Government Agencies

  • Internal Revenue Services (IRS)
  • Office of Foreign Assets Control (OFAC)
  • Financial Crimes Enforcement Network (finCEN)
  • The Office of the Comptroller of the Currency
  • Money Laundering Prevention