Payday Lenders And Check Cashers

Check Cashers

Bank Secrecy Act defines a check casher as each agent, agency, branch, or office within the United States of any person engaged in the business of a check casher and cashes checks in an amount greater than $1,000 in currency or monetary or other instruments for any person on any day in one or more transactions.

Check cashers, as money service businesses (MSBs) are required by FinCEN to implement effective Bank Secrecy Act (BSA)/Anti Money Laundering (AML) Compliance Programs to prevent their businesses from being used to facilitate money laundering and terrorist activities.

Payday Lenders

Payday Lenders and Installment Lenders are also considered to be money services businesses by Bank Secrecy Act and must implement effective compliance programs.

For a BSA/AML compliance program to be considered effective, a compliance officer as well as training for employees are required. Gilbert Reese provides employee training and Certification for all payday lenders check cashers’ employees.

As part of our comprehensive licensing services, we assist payday lenders and check cashers in obtaining required permits, licensing and registration required for their business. Financial institutions often make it a pre-requisite for account opening, that payday lenders and check cashers must obtain a Third-Party Independent Review of their BSA/AML Compliance Program. We will review your program; where one exists, or help you build a compliance program that satisfies regulatory requirements.