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
Related Topics:
Bank Secrecy Act
Attachment:
Registration and De-Registration of Money Services
Businesses
Registration
and De-Registration of Money Services Businesses - PDF
27k
(PDF Help)
Contact:
Senior Program Analyst Charles W. Collier at
SASFIL@FDIC.gov or (202) 898-3673
Note:
FDIC Financial
Institution Letters (FILs) may be accessed from the FDIC's Web site
at www.fdic.gov/news/news/financial/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 703-562-2200).
