• 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.
The USA Patriot Act 2001, 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.
