Trying to decide if a grocery store across the street is considered a money service business or not. Here are the details.
Small locally owned grocery store
They sell Money Orders
Provide Western Union
Do not cash checks over $1,000 (if they do anything it is give cash back from the purchase of goods)
Sell gift cards for their store only
I do not believe that they are but want to clarify. I have done a lot of reading but come up with a clear definition. As far as the money orders, they act an agent as well as for western union. I looked on FINCENs website and they are not registered as a money service business. I know that you do not have to be registered but under certain circumstances but that you can still be a money service business. For BSA purposes, I am just not 100% sure. Can you guys help?