Our bank is currently trying to identify our MSB's and were presented with a situation?
The customer owns a used car lot and he stated that customers will sometimes pay him with a cashiers check made payable to themselves, but for more than the purchase price! He in turn gives them back the difference in cash (has exceeded $1,000)!
My interpretation leads me to believe they aren't an MSB since a sale of property is involved?
Any opinions on this would be welcomed!