Mian, a money services business in Georgia, has agreed to pay the Financial Crimes Enforcement Network a $45,000 penalty for repeatedly violating the Bank Secrecy Act.

The business, which operated as Tower Package Store, provided check-cashing services without properly filing reports and maintaining records on transactions that exceeded $10,000, Fincen said in a news release Tuesday.

Mian did not file currency transaction reports on approximately 40% of the transactions from December 2010 to November 2011 that required them, the release said.

Later, from December 2011 through November 2013, Mian failed to files timely CTRs on 91% of transactions that needed them, the release said.

Money services businesses "play a vital role in our economy," Fincen Director Jennifer Shasky Calvery said in the release. "There are recurring reports about banks dropping MSBs as customers. One thing is certain — banks will be more willing to do business with MSBs that take their BSA obligation seriously."

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