For Money Services Businesses (MSBs), check cashing services are a vital way to serve underbanked communities and provide fast access to funds, but they also come with serious risks and red flags that can signal fraud, money laundering, or terrorist financing. To protect your business and ensure compliance with federal regulations, your staff must be […]
Check cashing software plays a crucial role in enabling secure and efficient transactions. However, with great functionality comes the responsibility to comply with numerous regulatory requirements. Let’s explore the essential compliance considerations and how smart software solutions can help money services businesses (MSBs) adhere to rules and regulations while building customer trust. Staying Compliant with […]
Compliance training is an essential component of running a money services business (MSB), especially for those involved in money services transactions. But do all your employees really need it? Let’s explore the key factors to consider when making this decision. Who Needs Compliance Training? Industry best practices recommend that any employee handling money services transactions […]
The Short Answer: Yes! If you operate a check cashing business, every check must be processed through your check cashing system. This is not just a best practice—it’s necessary for compliance, fraud prevention, and risk management. 3 Reasons Why 1. KYC Compliance Know Your Customer (KYC) regulations require businesses to verify the identity of their […]
As a money services business (MSB), banking challenges are the price of doing business, but it doesn’t have to be. Maintaining or securing a strong banking relationship is essential for survival. If your business has ever faced banking hurdles, understanding common pitfalls can help you stay ahead. Here are some key factors that often lead […]
