In the U.S., Money services businesses (MSBs) are regulated at the federal and state level and there are laws specific to MSBs in 49 of the 50 states. A money service business is a business offering financial services like money orders, traveler’s checks, check cashing, the exchange or dealing of currency, money transmission and other types of financial services. MSBs are regulated at the federal level by the Bank Secrecy Act, which is administered by the Financial Crimes Enforcement Network (FinCEN).
Pursuant to FinCEN regulations, MSBs need to register with FinCEN and comply with record keeping, reporting and anti-money laundering requirements. At the state level, 49 of the 50 states have enacted MSB regulation very similar to the federal regulations. Our team can help you navigate the process of registering a money service business and complying with the ongoing record keeping and reporting requirements.