Reply #5: FINcen for more info

[Yo_Mama]

http://www.fincen.gov/

In theory every money service business is regulated, but in practice the banks are supposed to effectively be regulators under the Bank Secrecy Act (which should be entitled the Bank No-Secrecy Act) for all the money service businesses. So banks have to establish customer identification, know the controlling parties for businesses/corporations, develop a risk profile for every customer, scrutinize transactions and account activity for suspicious appearances plus report same, and file Currency Transaction Reports for cash businesses.

This business is probably buying a bank because no bank can afford to do much business with it! Once it does buy a bank, the bank will have the same requirements and the same audits, so it will be interesting to see what happens eventually with this.