The Bank Secrecy Act (BSA) requires many financial institutions, including money services businesses (MSB), to keep records and file reports on certain transactions to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). MSBs must keep documents for seven years and these documents must be retrievable in the event of an audit.
It is challenging for money services business to design and implement records keeping systems that are cost effective, efficient, easy to use and easy to setup. Many times, these businesses rely on paper filing systems to maintain these records. Unfortunately, paper records take up a lot of space, are difficult to search and can be a security risk if the storage location is ever broken into.
Classic Cash, Inc. is a Money Service Business located in Athens, GA. They opened for business in 1991 and began providing services such as Check Cashing, Money Transfers, Bill Payment options, and Money Orders. The solution that Classic Cash of Athens GA implemented to meet federal mandates and improve office efficiency is a combination of the on-line document management solution, Evernote, and a Plustek eScan A150 standalone document scanner. Before implementing this solution, Classic Cash relied on a paper based filing system of copied documents located in a rented storage unit.
“Implementation was quick and easy,” said Rick Pass, Classic Cash owner. “Because Plustek eScan A150 can scan directly to Evernote, we had the complete system up and running in less than a day. The self-guided operation of the eScan is great because we really didn’t need to train our employees how to use the scanner” stated Rick.
Evernote turns the scanned documents into searchable PDFs that Classic Cash employees can retrieve in seconds from anywhere, even from a smart phone. Employees no longer need to travel to the off-site storage location to retrieve documents.
Classic Cash employees say that the eScan takes up less space than a copier and is much easier to use. They simply load the documents, tap a button on the touch screen and the documents are sent to Evernote.
The Plustek eScan A150 is the ideal choice to use with Evernote or any other document management system. The eScan does not require a PC or any additional hardware or software. It features self-guided installation and operation and scans to email, FTP/SFTP, network shared folders, SharePoint, Office 365, and cloud storage including Box, Dropbox, Google Drive and Evernote.
Using the Plustek eScan A150 network attached document scanner and Evernote makes it easy for money services business to comply with Federal and state government standards for record retention.
Classic Cash needed to retain documents for seven years to comply with federal mandates for record retention. Thousands of documents were being stored in a rented off-site storage unit.
The Plustek eScan A150 standalone document scanner and Evernote online document management.
System implemented in a less than a day. Paper documents are now only stored for 30 days eliminating the need for additional off-site document storage space. Retrieval of filed documents is fast and efficient.