Does Depositing Third Party Checks Trigger BSA?
Answer by Ken Golliher, BOL Guru Guru BIOS Question: Third Party Checks. Does depositing third party checks trigger any part of BSA since we do not know the original party that the check is payable to? Answer: If you mean a business or an individual is depositing checks payable to other individuals which have been endorsed over to your depositor, then you need to determine if the customer is acting as a check casher. If so, you determine if they are in compliance with state laws regarding licensure. Then, you determine if the items they are cashing exceed $1,000 per person per day in order to establish if they are required to register as an MSB. First published on BankersOnline.com 6/20/05 Home | Compliance | Lending | Operations | Security | Marketing | Technology | eBanking BOL Archives Privacy Policy Important Disclaimer Recommend This Site ! Contact Us BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are
