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

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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.

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