Regulatory Alerts2002-02-25
Added
Definition of Check Casher (Payday Lenders)
FinCEN determines that entities providing cash in exchange for postdated personal checks or ACH debit rights for payday loans are check cashers under the Bank Secrecy Act if they exceed $1,000 in transactions per person per day. Such entities are required to register with the Department of the Treasury under 31 CFR 103.41 and comply with all other BSA requirements applicable to check cashers. Failure to register or comply may result in civil or criminal penalties.