Bank Secrecy Act Registration and De-registration of Money Services Businesses

Summary:

The Financial Crimes Enforcement Network (FinCEN) has released the attached guidance clarifying the registration, renewal and de-registration requirements of money services businesses (MSBs). 

Highlights:

• On February 3, 2006, FinCEN issued guidance clarifying the registration, renewal and de-registration requirements for MSBs.
• Persons/entities defined as MSBs are generally required to register with FinCEN. Registration is required within 180 days after the day that the person/entity is established as an MSB.
• Thereafter, the MSB must renew its registration every two years by December 31st for as long as the MSB continues to meet the MSB definition.
• There is currently no provision or procedure to allow an MSB to de-register. The only option for a business that has ceased to operate as an MSB, or that has registered incorrectly, is to refrain from renewing its registration.
• Examples of various renewal dates are provided in the guidance.
• The complete document can be found at the following FinCEN website: http://www.fincen.gov/msbregistration_de_registration.html.
• Please distribute this information to the appropriate personnel in your institution.

Distribution:

FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing: 

Chief Executive Officer 
BSA Compliance Officer

Note: 

FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center (1-877-275-3342 or 703-562-2200). 

Additional Related Topics

• Bank Secrecy Act