Get FinCEN FORM 107 - Securities Mosaic

These businesses are (1) currency dealers or exchangers, (2) check cashers, (3) issuers of traveler's checks or money orders, (4) sellers or redeemers of traveler's checks or money orders, and (5) money transmitters. MSBs must register with the Department of the Treasury and renew their registration every two years.

Every MSB must register with FinCEN by electronically filing FinCEN Form 107, Registration of Money Services Business, unless a person or business is only an MSB because they serve as an agent of another MSB.

Any person or entity that wants to operate a money-services business (MSB) for payment must hold a licence under the Money-Services Businesses Act (MSBA). To get the licence, the business must file form SM-3-V, Money-Services Business Licence Application. The form should be completed by the MSB's respondent.

After an MSB completes its initial registration, the form to renew its registration must be filed by December 31 of the second calendar year preceding the 24-month renewal period and is accomplished by filing the Registration of Money Services Business Form, FinCEN Form 107.

The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities: (1) Currency dealer or exchanger. (2) Check casher. (3) Issuer of traveler's checks, money orders or stored value.

The form, Registration of Money Services Business, FinCEN Form 107, must be completed and signed by the owner or controlling person and filed within 180 days after the date on which the MSB is established. Registration must be renewed every two years. Re-registration is required in limited circumstances.