Federal regulations make it harder than ever for check cashing businesses to stay compliant. Now, AllTrust Network's Government Compliance Package helps you keep within the law.
Federal Regulations
The Bank Secrecy Act, which expanded the authority of U.S. law enforcement agencies to better fight terrorism, has also created an additional burden for check cashing businesses. You must now comply with new federal regulations which require greater reporting functionality and management oversight. To learn more about the federal regulations, see the Financial Crimes Enforcement Network (FinCEN)'s Money Services Businesses website.
Software Features
- Automatically checks OFAC list. As part of the Patriot Act, money service businesses are now required to report transactions by the Office of Foreign Assets C ontrol (OFC)'s list of Specially Designated Nationals (SDNs). Our Government Compliance Package makes it easy by automatically checking this list for you.
- Currency Transactions Reports (CTRs). Electronically submit Currency Transactions Reports directly to the federal government.
- Suspicious Activity Reports (SARs). Electronically submit reports on suspicious or criminal activities directly to the federal government.
- We protect your data for 5 years. All electronic reports filed with the Government Compliance Package are archived in the Paycheck Secure system for auditing purposes for five years.