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Financial Institution Letter

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 703-562-2200). 

Additional Related Topics

  • Bank Secrecy Act
FIL-20-2006
Attachment(s)
Related Topics
Bank Secrecy Act

Last Updated: March 1, 2006