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Justice Department targets $50M in transactions involving criminal check cashing schemes
WASHINGTON (AP) ' The Justice Department says four check cashing businesses on the East and West coasts have been charged with engaging in money laundering schemes worth more than $50 million.
Under the Bank Secrecy Act, check cashers and other financial institutions are required to report to the Treasury Department any transaction of more than $10,000 in currency. Indictments in the separate investigations allege that the defendants filed false currency transaction reports or didn't file them at all.
Two indictments charging three people and two check cashing businesses were returned in Los Angeles. Two indictments charging four people and a pair of check cashing businesses in Philadelphia and Flushing, N.Y., were returned in New York City. All seven defendants were arrested or surrendered to authorities Thursday.