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FinCEN Finds Suspicious Check-Cashing Activity

Sunday, October 1, 2006

Check cashing and money transmission are two of the suspicious activities most reported by the Financial Crimes Enforcement Network's (FinCEN) examination of money service businesses (MSBs). MSBs include certain non-bank financial institutions that offer financial services.

The May 2006 issue of The Suspicious Activity Review published by the FinCEN focuses on MSBs, which need banking services to operate. A study of suspicious activity reports filed between 2002 and 2005 revealed approximately 13 different types of MSB-related suspicious activities. Check cashing was the activity most often reported, followed by money transmission.

Unregistered check cashers appeared to be most concentrated in the central United States, especially Tennessee and Illinois. The issue is available on FinCEN's web site under BSA Guidance, SAR Information.

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