On June 12, 2026, the Financial Crimes Enforcement Network (FinCEN) issued updated guidance clarifying how financial institutions, including money services businesses (MSBs), may use Section 314(b) of the USA PATRIOT Act to share information about suspected fraud. While many institutions have historically associated 314(b) information sharing with money laundering and terrorist financing investigations, FinCEN’s latest […]
On May 19, 2026, the President of the United States of America, Donald J Trump, signed an Executive Order, “Restoring Integrity to America’s Financial System,” that expands customer due diligence expectations and enhances financial transparency requirements. While early discussions focused on whether financial institutions would be required to collect proof of citizenship from all customers, […]
On July 18, 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act was signed into law, marking the first comprehensive federal regulatory framework governing payment stablecoins in the United States. For anti-money laundering (AML)/combating the financing of terrorism (CFT) professionals, fintech executives, and compliance officers, the GENIUS Act is not just crypto […]
FinCEN has issued a new notice warning financial institutions, including money services businesses (MSBs), to be vigilant about suspicious activity involving convertible virtual currency (CVC) kiosks. These kiosks, which function like ATMs for digital assets, are being increasingly exploited for scams and other illicit activities, putting operators and financial partners at risk. CVC Kiosk Concerns […]
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 […]
