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Financial Institution Letter
Bank Secrecy Act Statement on Money Services Businesses
Summary: The federal banking, thrift and credit union regulatory agencies, and the Financial Crimes Enforcement Network, have jointly issued a statement regarding money services businesses. 


  • The Federal Deposit Insurance Corporation (FDIC), together with the Financial Crimes Enforcement Network (FinCEN), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration, issued today a Statement regarding banking institutions’ obligations under the Bank Secrecy Act when opening and maintaining accounts for money services businesses. The agencies recognize that money services businesses must have access to financial services to remain within the formal financial sector.
  • The agencies will soon issue guidance for banking institutions that further outlines compliance expectations. In addition, FinCEN will issue concurrent guidance to money services businesses outlining their compliance obligations under the Bank Secrecy Act.

FDIC-Supervised Banks (Commercial and Savings) 

Suggested Routing: 
Chief Executive Officer 
BSA Compliance Officer 

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at

To receive FILs electronically, please visit

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200). 

Additional Related Topics:

  • Money Services Businesses
Related Topics
Bank Secrecy Act
Last Updated: March 30, 2005