I've had limited exposure to MSB issues in my career and I'm running into them now. I have two questions:

1. Does currency dealer/exchanger mean a person/entity that converts one form of currency for another (i.e. - Euros to US Dollars)?

2. Would a business that occasionally cashes a check for a customer or employee that is sometimes greater than $1,000 be considered an MSB and require registration, etc.?

1. Not sure, but I think so.

2. Most definitely an MSB.

2. So if its a small business and they cash a payroll check for one of their employees in the amount of $1,100 - they are an MSB?

Businesses who only cash their own payroll checks for their employees aren't MSBs.

See this guidance:
http://www.fincen.gov/statutes_regs/guidance/html/msb_faqs_guidance_03312006.html

Thank you.