Bank Secrecy Act Statement on Money Services Businesses
FIL-24-2005 March 30, 2005
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)