YES, every check needs to be run through your check cashing system. It is important to know your customer (KYC), adhere to the Bank Secrecy Act (BSA) compliance rules, and mitigate your loss and risk.
Auditors/regulators require Money Services Businesses (MSBs) to have check cashing software, like Paycheck Secure, in order to comply with BSA anti-money laundering rules and regulations. Manually reviewing checks could put your bank account at risk.
When choosing a check cashing software, you will need to make sure it can at a minimum screen Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list and has currency transaction report (CTR) and suspicious activity report (SAR) alerts.
If you would like support with choosing a check cashing system specifically for your business needs, contact us today! info@CapitalComplianceExperts.com or call 855-922-4325
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Tags: AML, Anti Money Laundering, Bank Secrecy Act, BSA, BSA/AML Programs, Check Cashers, CTR, Currency Transaction Report, Know Your Customer, KYC, Money Services Business, MSB, OFAC, Online Employee Training, Paycheck Secure, SAR, SDN, Suspicious Activity Report