Reporting and Record-Keeping Requirements
Agents must report suspicious activity by a customer or by an employee
to the federal government on a form called the Suspicious Activity Report
by Money Services Business (SAR-MSB).
Suspicious Activity Reporting (SAR)
by Money Services Businesses (MSB)
You must file a SAR-MSB report whenever one or more transactions
that add up to $2,000 or more are conducted or attempted at your location
and the transaction is suspicious in some manner.
Currency Transaction Report
Agents must file a Currency Transaction Report (CTR), for a cash sale of
money orders or a money transfer to, or on behalf of the same person,
which involves a transaction in currency of more than $10,000 during any
one-business day (calendar day). This form must be sent to the IRS within
15 calendar days and a copy must be kept at your business or your home
office location for five years.
Record Keeping of Transactions
Agents are required to make a record of all transactions between $3,000 and $10,000 using the High Dollar Transaction Report or a similar form. Agents must mail or fax a copy of the High Dollar Transaction form to MEMO's compliance department. Agents must keep the High Dollar Transaction Report at their business or their home office for five years.
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