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#974664 - 06/13/08 01:59 PM MSB questions
AuditorK Offline
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I've had limited exposure to MSB issues in my career and I'm running into them now. I have two questions:

1. Does currency dealer/exchanger mean a person/entity that converts one form of currency for another (i.e. - Euros to US Dollars)?

2. Would a business that occasionally cashes a check for a customer or employee that is sometimes greater than $1,000 be considered an MSB and require registration, etc.?

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#974728 - 06/13/08 02:42 PM Re: MSB questions AuditorK
YosemiteSamIAm Offline
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Guess
1. Not sure, but I think so.

2. Most definitely an MSB.
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#974741 - 06/13/08 02:52 PM Re: MSB questions YosemiteSamIAm
AuditorK Offline
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2. So if its a small business and they cash a payroll check for one of their employees in the amount of $1,100 - they are an MSB?

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#974813 - 06/13/08 03:48 PM Re: MSB questions AuditorK
DebL Offline
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Businesses who only cash their own payroll checks for their employees aren't MSBs.

See this guidance:
http://www.fincen.gov/statutes_regs/guidance/html/msb_faqs_guidance_03312006.html
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#974868 - 06/13/08 04:28 PM Re: MSB questions DebL
AuditorK Offline
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Posts: 961
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Thank you.

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