MONEY SERVICE BUSINESS COMPLIANCE
Money Services Businesses (MSB) provide financial services to customers. These include currency exchange, check cashing, wire transfers, and other money orders. They may offer international or domestic money orders or stored value, traveller’s checks, prepaid debit cards, check cashing services, or other paid products or services. The law requires MSBs to register with the Department of the Treasury and implement anti-money laundering programs.
Are you a Money Services Business (MSB)?
If so, you’re probably aware that certain regulations apply to your business. And if you don’t comply with these regulations, you could face serious consequences—including fines, penalties, and even criminal prosecution.
Our team of experts will assess your business practices and help you avoid these problems by creating a customized plan for compliance with all applicable laws and regulations. We’ll also monitor your compliance on an ongoing basis so that you can focus on doing what matters most—growing your business!
Our Money Services Business (MSB) service includes:
A risk assessment of your Business Practices
A customized plan for compliance with all Applicable laws and Regulations
Ongoing Compliance Monitoring and Reporting
It’s our mission at RADD to ensure that you comply with the regulatory requirements related to your MSB status so that you can focus on growing your business.
What is a money services business, FinCEN?
A Money Services Business (MSB) is a business that provides financial services to the public. Money Services Businesses are regulated by FinCEN and other federal agencies, including the U.S. Department of Treasury, the Federal Reserve System, and the Consumer Financial Protection Bureau (CFPB).
Money Services Businesses include check cashers, currency dealers or exchangers, bill payers, money transmitters, international wire transfer services and issuers of stored value (such as those who provide gift cards or prepaid phone cards). If you accept cash for your business or personal use from someone else and send it elsewhere, you are likely considered an MSB under federal law.