To be considered an MSB, what is the minimum transaction amount for currency dealer or exchanger and check cashers?

The minimum transaction amount for currency dealers or exchangers and check cashers to be considered a Money Services Business (MSB) is indeed $1,000. This threshold is significant because it sets the point at which these entities must comply with BSA (Bank Secrecy Act) regulations, including registration, reporting, and recordkeeping requirements.

The threshold is established to balance regulatory oversight with the practicalities of small transactions that might not present the same level of risk. By setting the minimum at $1,000, the regulation focuses on higher-value transactions that are more likely to pose concerns related to money laundering, fraud, and other financial crimes.

This standard reflects the broader intent of the BSA to mitigate risks associated with the financial system while not burdening small-scale transactions. Understanding this threshold is crucial for professionals in the field to ensure compliance and appropriately assess the risks associated with their transactions.