On March 16, 2026, the White House issued a new executive order establishing the Task Force to Eliminate Fraud (Task Force), a government-wide initiative aimed at eliminating fraud across federal programs. While the Task Force is primarily focused on protecting public funds, its ripple effects will be felt well beyond government agencies, especially by Money […]
The Financial Crimes Enforcement Network issued a new Geographic Targeting Order (GTO) on March 7, 2026, that renews and expands U.S. southwest border prior reporting requirements for certain cash transactions conducted through money services businesses (MSBs). This latest order builds on the series of GTO updates we’ve covered previously and reflects the government’s ongoing effort […]
UPDATE: As of September 10, 2025 FinCEN has updated this GTO guidance. Read the details here. The Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order (GTO) requiring money services businesses (MSBs) along the southwest border of the United States to file Currency Transaction Reports (CTRs) for cash transactions exceeding $200 but not […]
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 […]
MSB bank account closures are avoidable. These are the most common reasons why a bank will close down an MSB account. COMMON REASONS FOR MSB BANK CLOSURES Outdated BSA/AML/OFAC Compliance Program Deficient Independent Review Insufficient Recordkeeping Improper CRT/SAR Filing Outdated BSA/AML/OFAC Compliance Program The BSA/AML/OFAC Compliance Program must be risk-based, satisfy the five anti-money laundering […]
