Regulatory Alerts2009-03-10
Added
Ruling on Whether a Money Services Business Must Maintain Separate Deposit Accounts for Check Cashing and Money Transmission Lines
BSA regulations do not require a money services business to maintain separate deposit accounts for separate check cashing and money transmission lines of business. Consequently, there is no regulatory prohibition against mixing funds from these legitimate business activities in a single deposit account. Financial institutions retain the discretion to adopt their own policies addressing issues not covered by BSA regulations.
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