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.
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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.
