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An MSB is generally any person offering check cashing; foreign currency exchange services; or selling money orders, travelers' checks or pre-paid access (formerly stored value) products; for an amount greater than $1,000 per person, per day, in one or more transactions.

Create and Implement KYC Policies KYC regulations stipulate that MSBs must collect information to identify individuals and businesses, such as their full name, date of birth, address, and official documents, such as passports or driver's licenses.

Some MSBs even raise heightened risks of money laundering for drug cartels and terrorist groups. Enforcement authorities are charging substantial fines to financial institutions that fail to meet all compliance requirements of the Bank Secrecy Act.

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A Money Services Business (MSB) is a transaction that involves currency exchange and money transfer. Checks, foreign currency transactions, and money order transactions are examples of MSB, which can take numerous forms ranging from individuals to multinational enterprises, payment firms to investments.

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 Bank Secrecy Act (BSA)1 requires certain money services businesses (MSBs) to register with the. Financial Crimes Enforcement Network (FinCEN), of the U.S. Department of the Treasury, within 180. days after the date on which the MSB is established.

Registration Form - Each MSB must initially be registered by filing a completed form, FinCEN Form 107, Registration of Money Services Business, within 180 days after the date on which the MSB is established. One Form for each MSB. Only one registration form is required to be filed for each MSB in any registration ...