msb
California Check Cashers Now Have Banking Options With NCC's Expanded Services
July 09, 2019
Check Cashers Can Enjoy Accelerated Rotation of Capital and “Next Day” Funds Availability
LOS ANGELES, July 9, 2019 /PRNewswire/ — National Check and Currency (NCC) expands check cashing
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NCC Expands Cash Vault Services and Processing Deadlines For California Check Cashers
June 18, 2019
California Check Cashers now have access to better banking relationships
LOS ANGELES, June 18, 2019 /PRNewswire/ — National Check and Currency (NCC) now offers cash vaulting and banking services
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Money Service Business Banks & Regulators Enter Multi-State Contract
February 14, 2018
Money service business banks and state regulators are forging ahead with a multi-state licensing process for MSBs. The new agreement will standardize core parts of the money service business licensing
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How Kenya Revolutionized Financial Inclusion
January 11, 2018
In the United States, more than 9 million households are unbanked and roughly 20% of all US households are underbanked. The fintech and money service business industries are helping bridge the gap with
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Financial Inclusion in 2018 and Beyond
December 13, 2017
MSB technology and innovative banking services are promising to bolster financial inclusion around the world. As social media connects people across the world, the financial technology sector is catching
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The Evolution of Money Laundering
November 08, 2017
Check cashing businesses spend a great deal of energy complying with Anti-Money Laundering (AML) policies and procedures. The goal of these efforts is to prevent money laundering and other financial crime
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Fintech and Financial Inclusion
October 26, 2017
Money service businesses have been granting the unbanked access to alternative financial services for a over a century. As traditional banking becomes increasingly expensive and exclusive, America’s
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How Prepaid Cards Fit Into the Check Cashing Industry
October 18, 2017
Prepaid cards offer a financial solution for individuals who don’t have a bank account or who are looking for new ways to budget. This alternative banking card is reloadable and allows you to spend the
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FinTech, Big Data, and AML Compliance for MSBs
October 11, 2017
Big Data and FinTech are giving the money service business industry more tools than ever before to serve their customers while shoring up their compliance risk. MSB regulation now spans the globe and financial
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Check Cashers Scramble to Comply
October 05, 2017
The latest Thomson Reuters Anti-Money Laundering Insights Report reveals that new AML regulation is overwhelming the check cashing and money service business industry. While most check cashers fear compliance,
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Diverse Check Cashing Services
September 27, 2017
Check cashing outlets offer alternative financial services beyond cashing checks. These services meet the varied needs of their community and fill in the gaps left by the traditional banking system. These
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Changes in MSB Regulation for Digital Currencies
September 21, 2017
The global financial community is still working out the details when it comes to digital currencies like Bitcoin. One side wants to treat (read: regulate) digital currency as a legal currency while the
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September 14, 2017
To meet current Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, check cashers need to leverage cutting edge technology. As the regulatory target continues to shift, compliance programs
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Remote Cash Deposit for Check Cashers
September 08, 2017
National Check and Currency is pleased to announce the addition of Remote Cash Deposit Services for check cashers and their customers to their banking services portfolio. With this solution, your check
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MSB Banking Trends Around the World
August 30, 2017
MSB banking trends around the world influence each other and shape the global financial regulation landscape. China’s Fintech boom and AML crackdown, a renewed compliance effort by Australian banks,
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Check Cashing Friendly Banks in the US
August 23, 2017
The Justice Department officially ended Operation Choke Point in August 2017. The program was originally designed and created by President Obama in 2012 to cut off banking access for legal businesses deemed
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Benefits of MSB Technology & Automation
August 18, 2017
MSB technology and automation help businesses streamline their processes while improving overall accuracy. In an industry with ever-changing regulation and sky high costs for non-compliance, money service
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Retail Check Cashing on the Rise
August 10, 2017
Retail check cashing refers to check cashing services that “live” inside another business. A convenience store offering quick bill pay, check cashing, and prepaid debit cards is a retail check casher.
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FinCEN Takes MSB Regulation Global
August 02, 2017
The Financial Crimes Enforcement Network, known as FinCEN, has long been the domestic authority for MSB regulation. The regulatory body is housed under the U.S. Department of the Treasury. As of Wednesday
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How to Prevent Check Cashing Fraud
July 26, 2017
Check cashing fraud has plagued check cashers since the birth of the alternative financial services industry. Criminal activity is always evolving, so staying on top of financial fraud is a full time job!
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Know Your Customer Requirements for MSBs
July 20, 2017
Know your customer (KYC) requirements are an integral part of any MSB compliance program. KYC is the business process of identifying and verifying the identity of customers. Every transaction must be thoroughly
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Artificial Intelligence for Check Cashing Businesses
July 12, 2017
Check cashers rely on technology every day to operate their businesses. POS technology gathers customer data and checks it against a database. A small scanner collects fingerprints, a security camera monitors
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The Correspondent Banking Crisis
July 07, 2017
A correspondent bank is a financial institution providing services on behalf of another financial institution. The bank accepts deposits, collects documents, facilitates wire transfers, and conducts business
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Anti-Money Laundering for Check Cashers
June 30, 2017
Anti-money laundering (AML) efforts are the cornerstone of every financial compliance program. Check cashers rely on AML experts to successfully manage and avoid the risk for financial crime. Money laundering
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MSB Regulation and Digital Currency
June 23, 2017
Regulators are wrestling with a new challenge: how to regulate digital currencies. Bitcoin and its contemporaries have been floating in the periphery for some time and regulators are now working to expand
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Check Cashing Laws and Regulation
June 14, 2017
Check cashing laws and regulations are set in place by government bodies to prevent financial fraud. Check cashers fall into one of two categories: regulated or unregulated. Regulated check cashers are
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MSB Accounts Face Increased AML Pressure
June 09, 2017
Regulators are cracking down on financial institutions with insufficient or non existent anti-money laundering (AML) programs. Between January and June of 2017, FinCEN brought two actions for AML violations
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Payroll Cashing Bridges the Banking Gap
June 01, 2017
Even fully banked individuals turn to payroll cashing to meet their financial needs. This is contrary to the popular belief that only the unbanked rely on check cashing services. In reality, a wide variety
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Money Service Business Banks: A Dwindling Network
May 27, 2017
Money service business banks are few and far between in 2017. A collection of economic forces are at fault for the depleted supply. Since 2008, the banking industry is increasingly risk averse and the
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Understanding Check Cashing Fraud
May 17, 2017
As a check casher, your top priority is to operate your business legally, compliantly, and efficiently. To do this, you need to understand your risk for check cashing fraud and take action to identify
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The Importance of MSB Bank Accounts
May 12, 2017
MSB bank accounts play an important role in global financial inclusion. A reliable bank account enables an MSB to serve their community with alternative financial services. Without an MSB bank account,
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Check Cashing Business Operations
May 04, 2017
Operating a check cashing business is a complex endeavor. When you start your business, you have to choose a location, pick which services to provide, and write a business plan. From there, you need to
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Where Did Money Service Business Bank Accounts Go?
April 26, 2017
Money service business bank accounts are more elusive than ever before. AML regulation and the resulting trend of derisking are putting pressure on banks, which is then transferred to the money service
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Opening Procedures for Check Cashing Businesses
April 20, 2017
As a check casher, you face financial risk everyday. A big part of your business plan is devoted to detecting and preventing financial fraud to protect your check cashing business. You have a clear check
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April 13, 2017
Money service businesses need cash vaulting and armored cash delivery services to support their operations. Access to the cash vault of a local depository institution enables an MSB to place cash orders
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Mobile Money and Check Cashing Businesses
April 06, 2017
As FinTech startups vie for space in your mobile wallet, some are looking forward to a cashless future. But peer to peer payment apps won’t fill the void in banking services. Many of these platforms,
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MSB Banking & Regulation: A Give And Take
March 30, 2017
Regulators continue to work towards a closed loop of financial crime protection, detection, and prosecution. Banks, on the other hand, are fighting to compete with check cashers and mobile payments platforms.
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Check Cashing Services: Behind The Scenes
March 24, 2017
Behind every convenient check cashing service, there stands a check cashing business. The industry continues to grow with over 13,000 check cashing outlets in the United States in 2015. Financial Service
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MSB Bank Derisking & Its Nonprofit Impact
March 17, 2017
US nonprofits abroad are facing a financial inclusion dilemma. In the recent wave of derisking, banks are dropping money service businesses from their client lists. These MSBs are the vehicles for transferring
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March 10, 2017
In the US, there are over 13,000 financial service centers and check cashers in operation. These businesses conduct over 350 million transactions annually, including over $58 billion in check cashing transactions.
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AML Regulation Changes for MSBs
March 02, 2017
The money service business industry relies on banking continuity, which is heavily influenced by compliance and regulation. There are currently several shifts occurring in the realm of bank regulation
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Inside the Check Cashing Community
February 23, 2017
The check cashing industry is often misunderstood by people who think banks are better suited to meet financial needs. Those who misunderstand the industry are overlooking the key issues that deny open
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Global Trends Affecting MSBs & Money Transmitters
February 17, 2017
Money service businesses face a myriad of global trends, risk, and regulations, spanning from wire fraud to increased competition and derisking. In the face of banking uncertainty and confusion around
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The Importance of Retail Check Cashing Solutions
February 10, 2017
Check cashing solutions for small business retailers allow you to turn your convenience store into a financial center for your community. Why are retail check cashers essential for our current economy?
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Robust Compliance for MSBs & Banks
February 03, 2017
Financial compliance is an ever-changing stream of risk, regulation, and mitigation. At National Check & Currency, we have our eyes on both bank-facing and MSB-facing compliance. As a result, our financial
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January 26, 2017
Americans pay billions of dollars in overdraft fees to banks each year. In fact, individuals paid $38 billion in 2011, a phenomenon that is fueling the demand for alternative financial services. While
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January 18, 2017
As federal and state regulatory regimes expand, it is increasingly difficult for small businesses like check cashers to keep track of what they need to do to stay compliant. In addition, check cashers
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MSB Banking Services for Check Cashers
January 13, 2017
MSB banking services include offering real MSB bank accounts and the supported MSB services that keep your check cashing business up and running. This article evaluates the MSB industry, MSB compliance,
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Inside the Business of Restaurant Check Cashing
January 06, 2017
As lives become increasingly chaotic, consumers are looking for ways to maximize their time. One result of our collective shift towards convenience is growth in the restaurant industry. New niches are
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December 30, 2016
Beauty shop check cashing is just one of the retail check cashing industries for which National Check and Currency provides MSB bank accounts. The beauty salon industry is growing and retail check cashing
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December 23, 2016
The MSB banking industry is in flux. Over the past year, money service businesses report a sharp increase in the closure of their MSB banking accounts. In most cases, little warning or explanation is given.
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Special Agent Brings Regulatory & Law Enforcement Experience to Compliance Team
December 22, 2016
Former Special Agent Louis Skenderis is joining National Check and Currency as General Counsel. Louis comes to NCC from Homeland Security Investigations (HSI), the main investigatory arm of the U.S. Department
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December 16, 2016
MSB services enable your small business to serve the underbanked.As a money service business or check casher, you are playing a vital role in your local economy. Regulators and politicians perpetuate the
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December 09, 2016
The money service business industry is facing its biggest obstacle yet: the closure of MSB bank accounts. A variety of factors are influencing banks, from federal regulation to the cost of compliance.
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Banks Compete with Local Check Cashing Services
December 01, 2016
Banks have long been in the business of cashing their own checks. Recently, however, banks are starting to offer less traditional check cashing services. To tap into the lucrative business of check cashing
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The State of the Check Cashing Industry
November 23, 2016
In 2015, check cashing was estimated to be an $11 billion industry with 1.8% annual growth. The roughly 14,500 check cashing businesses in the United States employ close to 90,000 individuals (IBIS World).
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November 18, 2016
As a gas station owner, you are familiar with the benefits and challenges of the industry. One way for you to stay competitive and build your business is to diversify the services you offer at your business
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November 16, 2016
Check cashing compliance is another facet of your check cashing business that you have to juggle. In addition to balancing your business, your check cashing bank account, your employees, and your clients,
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Check Cashing Solutions for Liquor Stores
November 09, 2016
Check cashing solutions represent an opportunity for your liquor store to further the current industry-wide momentum. Offering retail check cashing services empowers you to diversify your business, access
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Grocery Store and Bodega Check Cashing
November 04, 2016
Grocery store and bodega check cashing is one of the six types of retail check cashing. Grocery stores and bodegas naturally lend themselves to check cashing services because they are already hubs of community
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October 28, 2016
C-store check cashing relies on the convenience store industry. So, before we dive into the check cashing, we will examine the industry itself. The Association for Convenience and Fuel Retailing (NACS)
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The Retail Check Cashing Industry
October 21, 2016
The check cashing industry is diverse, encompassing many different types of regulated and unregulated money service businesses. National Check and Currency serves stand alone check cashing businesses,
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October 17, 2016
Check cashing regulation has expanded and evolved to meet the compliance requirements and perceived risk of the check cashing industry in the 21st century. Check cashers are grouped with money service
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Why You Need a Reliable Check Processor
October 12, 2016
A check processor plays an integral role in the day-to-day operations of a money service business owner. The check processor drives the check cashing cycle by analyzing checks, coding sensitive financial
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October 10, 2016
Check cashers provide access to financial services for individuals who don’t have access to traditional banking institutions. In a restrictive market, check cashers offer financial inclusion and convenience.
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Regulators Warn MSB Banks Against Indiscriminate Derisking
October 06, 2016
Three years have passed since the Financial Crimes Enforcement Network (FinCEN) introduced their list of “risky businesses,” referred to as Operation Choke Point. Since its publication, the list has
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Is Social Media the Key to Money Transfer Success?
October 05, 2016
Why is Social Media So Important for MSBs?
Transferring money is personal. Whether you are cashing a check to pay your monthly bills or sending money to a family member abroad, the transaction hits close
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Can America Change The Remittance Game?
October 01, 2016
Economic Growth and the Flow of Remittances
2015 was a year of highs and lows for America’s economic outlook. Even with revised 3rd and 4th quarter forecasts, the year reflected a trend of moderate
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September 29, 2016
Check clearing services help money service businesses at every step of the check cashing process. To better serve their MSB clients, National Check and Currency offers a comprehensive suite of check clearing
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Is Your Check Cashing Bank Account Next?
September 23, 2016
Will Your Check Cashing Bank Account Be Shut Down?
No check cashing bank account is safe. Banks across the United States continue to shut out MSB bank accounts and engage in indiscriminate derisking.
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NCC Affirms Commitment to MSB Compliance with New Hire
September 08, 2016
National Check and Currency is thrilled to welcome former Federal Agent Mark Ochab as our new Director of Banking Services and MSB compliance. Mark’s extensive background investigating financial crimes
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Banks Terminate MSB Bank Accounts
September 06, 2016
Banks Continue to Terminate MSB Accounts
Money Service Businesses can’t catch a break. Banks across the United States and Canada continue to shut down MSB accounts and engage in indiscriminate derisking.
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The MSB Banking Services You Need
September 01, 2016
As a money service business, you need more than just an MSB bank account, you need a full range of MSB banking services in order to stay up and running. National Check and Currency offers a complete suite
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How to Find Check Cashing Banks
August 31, 2016
If you are a check cashing business looking for a reliable banking relationship, you are in the right place. As check cashing banks become even harder to find, National Check and Currency provides a
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Your Comprehensive MSB Solutions Provider
August 30, 2016
At National Check and Currency, we offer a complete package of MSB solutions for your money service business. We know that it takes much more than a bank account to keep a money service business up and
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Where Are the MSB Friendly Banks?
August 29, 2016
MSB Friendly Banks Are Far and Few Between
Learn How National Check and Currency helps MSBs secure reliable banking partners
MSB friendly banks are increasingly hard to find in the face of ever-changing
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Tax Fraud, Identity, and Check-Cashing
August 26, 2016
AML, BSA, and FinCEN
Since the Bank Secrecy Act (BSA) of 1970, anti-money laundering efforts and financial regulation continue to progress and have even found new traction in recent years. The Financial
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Check Cashers: Granting Access to Financial Services in a Restrictive Market
August 23, 2016
The Recession & the Rise of Check Cashers
In the past 5 years, check cashers are playing an even more integral role in their communities by granting access to otherwise out of reach financial services.
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Mobile Money Saves the Unbanked
August 22, 2016
No bank, no problem.
The rush to fill your mobile wallet is in full swing. As Apple, Google, and Paypal vie for valuable real estate on your smartphone, a different pack of companies is racing to reach
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MSB Insider Expert Interviews: Faisal Khan
August 22, 2016
We are pleased to announce our new interview series, where we will be sitting down with industry leaders to bring you the latest insider knowledge on msb banking. Our inaugural guest is cross-border money
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The Unintended Consequences of AML Regulations
August 19, 2016
The Honorable Intentions of AML Regulation for MSBs
No one argues over whether or not we should protect against money laundering and potential terrorist funding. So why do Anti-Money Laundering regulations
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Is Global Financial Inclusion at Risk?
August 18, 2016
Crisis in Somalia
Recent headlines detailing the current money remittance crisis in Somalia hint at an even more troublesome problem; diminishing global inclusion.
The Somali remittance crisis is nothing
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A Need for MSB Friendly Banking: The Struggle Is Real
August 17, 2016
With mounting pressure from global financial policing organizations responding to ties between banks and various terrorist activities coupled with the looming deadline for compliance in January of 2016,
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Check Cashing Process for MSBs
August 12, 2016
You would be surprised how many check cashers aren’t familiar with the proper check cashing process. For those who are unfamiliar with the step-by-step process for cashing a check, we have broken
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June 20, 2016
At NCC, we offer the ultimate MSB resources: robust compliance programs, innovative technology, and reliable banking partners. We are always one step ahead of the curve and often implement new requirements
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De-Risking: Distrust, Disruption, and Destruction
February 15, 2016
Before continuing, make sure to read Part I: Where Did We Go Wrong
Part II: Why Are MSBs Shut Down While Big Banks Run Rampant?
Bankers don’t go to jail, they don’t get publicly shamed, and they don’t
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De-Risking: Distrust, Disruption, and Destruction
January 11, 2016
Part I: Where Did We Go Wrong?
The largest threat to money service businesses is the danger of becoming unbanked via de-risking as check cashing banks continue to sever ties with MSBs in the name of regulation.
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