Federal investigators Thursday charged four check cashing businesses in Los Angeles, Philadelphia and New York with failing to properly report more than $50 million worth of checks tied to phony businesses. The U.S. Justice Department, Internal Revenue Service and state banking agencies said that the money services businesses (MSBs) – Belair Payroll Services, Bargain Island, G&A Check Cashing and AAA Cash Advance – violated anti-money laundering (AML) laws by not correctly filing currency transaction reports (CTRs). Prosecutors also charged seven individuals, including business owners and Humberto Sanchez, the AML officer of Los Angeles-based G&A. In its indictment of AAA Cash...
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