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
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:
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.