Regulatory Alerts2008-12-29
Examination Planning Guidelines for Check Cashers
The Louisiana Office of Financial Institutions issued Policy CKC-01-08 to establish examination frequency and compliance priorities for check cashers under state law and the federal Bank Secrecy Act. Beginning January 2009, all licensed locations must undergo state and federal compliance audits within three years, while previously IRS/FinCEN-verified locations will only require state-specific examinations. Newly licensed branches are subject to audits within 120 to 180 days of licensing, and the Commissioner retains discretionary authority to mandate more frequent examinations when public safety or welfare is at risk.
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