Check Cashers in Brooklyn, Philadelphia and Los Angeles Charged for Alleged Violations of Anti-Money Laundering Laws
June 18, 2012 – Seven individuals and four check cashing businesses were charged today in the Eastern District of New York and the Central District of California for their alleged roles in separate schemes to violate the Bank Secrecy Act (BSA). The defendants allegedly failed to follow reporting and anti-money laundering requirements for transactions totaling more than $50 million. Under the BSA, financial institutions, including check cashers, are required to file a CTR with the Department of Treasury for any transaction involving more than $10,000 in currency. The BSA also requires financial institutions, including check cashing businesses, to maintain an effective anti-money laundering (AML) program. Read more.