28 Nov 2023
Licensed Money Services Businesses Compliance
Money service businesses (MSBs) are considered money transmitters under U.S. federal and state laws and regulations. The U.S. Financial Crimes Enforcement Network (FinCEN) requires that MSBs develop, implement, and maintain a risk-based anti-money laundering (AML) and combating the financing of terrorism (CFT) program. With recent bank failures attributed to weaknesses in risk management programs and crypto-asset transactions, bank regulators are analyzing the compliance programs of MSBs to determine compliance with AML requirements, among other areas. Access this practice note for a comprehensive overview of federal and state AML regulations governing MSB activities and operations
Related Content
- Money Services State Law Survey
Gain key insight into relevant state laws and regulations for each of the 50 U.S. states and territories regarding MSB licensing, transmission, and operating requirements.
- FinCEN Guidance for Cryptocurrency Firms
Review FinCEN published guidance on cryptocurrency and understand the regulatory AML guidelines for digital asset transmission.
- Customer Identification and Due Diligence Requirements Pursuant to the Bank Secrecy Act
Explore customer identification, due diligence, and customer identification program (CIP) statutory and regulatory requirements of an MSB’s risk-based AML/CFT compliance program.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Trends & Insights provides the latest in news articles and insights documents on trending areas for financial service organizations.
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- Financial Institution Regulations State Law Comparison Tool
Access this tool for federal/state-specific guidance and the ability to compare state laws for banking and non-banking financial institutions in the areas of licensing, capital requirements, AML/CFT guidelines, recordkeeping, supervision, and enforcement authority. - For related Practical Guidance content on important recent trends, please review these easy-to-use Resource Kits on a variety of emerging topics:
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