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

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 703-562-2200).