About: Money services business   Sponge Permalink

An Entity of Type : owl:Thing, within Data Space : 134.155.108.49:8890 associated with source dataset(s)

The current rules amended in 1999 by the Financial Crimes Enforcement Network revised the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA) and grouped the definitions into a separate category of financial institution called money services businesses (or MSBs). A business that meets one or more of the definitions of a type of MSB (as currently defined) is an MSB and must comply with BSA requirements applicable to it as an MSB, as a financial institution and as a specific type of MSB.

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  • Money services business
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  • The current rules amended in 1999 by the Financial Crimes Enforcement Network revised the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA) and grouped the definitions into a separate category of financial institution called money services businesses (or MSBs). A business that meets one or more of the definitions of a type of MSB (as currently defined) is an MSB and must comply with BSA requirements applicable to it as an MSB, as a financial institution and as a specific type of MSB.
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abstract
  • The current rules amended in 1999 by the Financial Crimes Enforcement Network revised the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA) and grouped the definitions into a separate category of financial institution called money services businesses (or MSBs). A business that meets one or more of the definitions of a type of MSB (as currently defined) is an MSB and must comply with BSA requirements applicable to it as an MSB, as a financial institution and as a specific type of MSB. The capacities in which a business might be acting that could bring it within the definition of an MSB are: * Money Orders (Issuer of money orders) * Seller of money orders * Redeemer of money orders * Traveler's Checks (Issuer of traveler's checks) * Seller of traveler's checks * Redeemer of traveler's checks * Money Transmission (Money transmitter) * Check Cashing (Check casher) * Currency Exchange (Dealer in foreign exchange) * Currency Dealing (Dealer in foreign exchange) * Prepaid Access (Provider of Prepaid Access) (Seller of Prepaid Access)
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