Cash Xpress operates as a licensed money transmitter in the state of Maryland, regulated by the Department of Financial Services. Additionally, we function as an agent with partners licensed across the entire United States. We are also registered as a money service business with the Financial Crimes Enforcement Network (FinCEN). It is our steadfast policy to adhere to all government regulations applicable to our operations as a money service business.
As a Money Service Business, we must always comply with all States and Federal laws and recommendations regarding money transfer. What follows is a non-exhaustive list of regulations we are subject to.
We are required to report the following types of transactions to the authorities:
We are required to keep all customer identifications, transaction information, and corporate records for a minimum of 5 years.
We are required to collect and verify the customer’s identification for a funds transfer of 3,000 USD and more.
We are required to make PEP determination for transactions that have any ties to politically exposed persons.
If someone is conducting a transaction on someone else's behalf, we are required to obtain information on both parties: the agent and the principal.
We are required to maintain a compliance program containing adequate policies and procedures in accordance with the applicable regulations. For more information, refer to FINCEN Website: http://www.fincen.gov/financial_institutions/msb/.
We take the following additional measures to prevent money laundering and terrorist financing:
We have adequate controls pertaining to the transaction activity at several instances of the life cycle of a transaction. These controls include:
We conduct thorough screening on customers who request transfers of large amounts of funds, which includes checks against several sanction lists such as the US Treasury watch list (OFAC), United Nations (UN), European Union (EU), Canadian (CA), and United Kingdom (UK) sanction lists.
