We had two $900.00 Canadian Postal Money Orders presented for deposit. We did not give the customer credit. We have received documentation from the Canadian Postal Service that these items are counterfeit. Since we had no loss, do we return the money orders to our customer marked as counterfeit so that he can pursue the person that paid him with them or what should we do with them? What authorities should be notified in this situation?
Question: Is a store which provides an ATM for its customers considered a Money Services Business?
Our customer deposited 4 US Postal Money Orders on 12/13/04. Today 2/16/05, we received 3 of the Money Orders returned as counterfeit items. What is the Bank's responsibility for these items? Can we return them late for reclamation, as they were returned after the midnight deadline? Does our customer have any recourse?
Part of a joint statement from all the regulatory agencies and FinCEN issued the last week of March read, "Money Services Businesses (MSB) are losing access to banking services as a result of conce
Note: The following is a message received from a representative of a business that operates or franchises rent-to-own stores all over the country. I have removed all references to the specific business. We have several bank relationships for store depository accounts (about 350). Several of the bank relationships that we use for store deposits have "pushed back" on us accepting third party checks. If a third party check is a legal tender, and the depositor is liable for the risk, why do they have a concern about our acceptance of third party checks? Also, is there a form letter or legal document that we can sign that will put the banks at ease about our acceptance of third party checks without opening ourselves up to all risk of fraud with an indemnity agreement?
What information should we be obtaining from our existing MSB accounts concerning their policies and procedures, and how are we to know if they are in fact following their own procedures...and does it matter?
Our financial institution has implemented a policy of requesting financial information to assist in ascertaining whether a customer may be exempted from currency transaction reporting. We were told that we cannot explain to the customer why we are requesting this information. Is this true or mis-information?If we can tell a customer that we are filing a CTR on them, why would we not be able to explain to them that we are requesting information on their business to help us determine if they are eligible to be exempted?
I work for a convience store which is registered as a MSB. Our banker told us we would need to write a policies and procedures. Could you help with a sample or example. Or would you know where I might find one? We currently cash checks and sell money orders.
We have an Amish population in more than one of our banking areas. Recently we are having problems with Amish people depositing cash or purchasing money orders with cash and they claim not to have identification or a Social Security number, stating their sect prohibits these items. I think I remember something in the past about particular procedures for Amish, but I can't find anything. Is there any reason to treat them differently from any other person? If so, where do I find the information?
The American Bankers Association and the American Bar Association recently held their 14th annual Money Laundering Enforcement Seminar.