Regulatory Alerts2006-03-31
Added
Frequently Asked Questions: Businesses Cashing Their Own Checks
A business is not considered a money services business under the Bank Secrecy Act if it only cashes its own checks, including payroll checks for employees, payments to non-employees for goods or services, and tax refund anticipation loan checks for taxpayers. This exemption applies regardless of whether fees are charged or if transaction amounts exceed $1,000 per person per day. However, if a business cashes checks other than its own in amounts exceeding $1,000 for any person in one day, it is defined as a check casher and must register as a money services business while complying with all applicable programmatic, recordkeeping, and reporting requirements.