Establish internal anti-money laundering policies, procedures,
and controls for verifying customer identification, filing reports,
making and preserving records, and responding to law
enforcement requests for information.
Designate the individual who will act as your anti-money
laundering compliance officer and oversee your store's
compliance with your written AML program.
Create an ongoing employee training program for every
employee who sells money orders or provides other MSB
products or services.
Arrange for an independent review of your AML program
to ensure it is effective and complying with the anti-money
laundering requirements.
More Information
Refer to www.msb.gov for
more information from the
federal government.
The Bank Secrecy Act (BSA) and
the USA Patriot Act impose specific
requirements for Money Services
Businesses (MSBs) and agents.
Agent record-keeping and reporting
include the Currency Transaction Report
(CTR) for transactions over $10,000,
logging of transactions for sales
between $3,000 and $10,000, and the
Suspicious Activity Report (SAR) for
reporting suspicious activity, involving
transactions of $2,000 or more.
