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This document serves as a registration form for money services businesses, required by the Department of the Treasury to comply with the Bank Secrecy Act and prevent money laundering.

How to fill out registration of money services

How to fill out Registration of Money Services Business

1. Gather necessary documents such as identification, proof of business address, and financial statements.
2. Complete the registration application form for the Money Services Business (MSB) from the relevant regulatory authority.
3. Provide details about the type of money services you intend to offer (e.g., money transfer, currency exchange).
4. Submit fingerprints and background checks for owners and key personnel, if required.
5. Pay the applicable registration fee as stipulated by the regulatory authority.
6. Submit the completed application and all documents to the designated regulatory agency.
7. Wait for approval from the regulatory body, which may involve a review process.

Who needs Registration of Money Services Business?

1. Individuals or businesses that engage in money transferring services.
2. Currency exchange services that involve trading various currencies.
3. Companies that cash checks or provide services related to international remittances.
4. Entities that issue or redeem stored value or payment instruments.

People Also Ask about

Do all businesses need to register with FinCEN?

Thanks to the Corporate Transparency Act, starting Jan. 1, 2024, all companies created in the United States must complete a new form with the Treasury Department's Financial Crimes Enforcement Network, commonly known as FinCEN, unless one of 23 exceptions applies.

What are considered money service businesses?

The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities: (1) Currency dealer or exchanger. (2) Check casher. (3) Issuer of traveler's checks, money orders or stored value.

What are the regulatory requirements for MSB?

MSB Registration Requirement In the United States, every money services business must register with the Department of the Treasury. That means the company needs to fill out and submit FinCEN Form 107 within 180 days of commencing their operations. MSBs must renew their registration with the Treasury every two years.

What is an example of a MSB?

Examples of MSBs include money transfer operators (such as Western Union and MoneyGram), currency exchange bureaus, and online payment platforms.

What are the regulatory requirements for MSB?

MSB Registration Requirement In the United States, every money services business must register with the Department of the Treasury. That means the company needs to fill out and submit FinCEN Form 107 within 180 days of commencing their operations. MSBs must renew their registration with the Treasury every two years.

What qualifies as a money service business?

The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities: (1) Currency dealer or exchanger. (2) Check casher. (3) Issuer of traveler's checks, money orders or stored value.

Is Zelle a money service business?

Zelle (/zɛl/) is an American digital payments network run by a private financial services company owned by the banks , Truist, , JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo.

How to register a money service business?

Registering with the federal government Every MSB must register with FinCEN by electronically filing FinCEN Form 107, Registration of Money Services Business, unless a person or business is only an MSB because they serve as an agent of another MSB.

For pdfFiller’s FAQs

What is Registration of Money Services Business?

Registration of Money Services Business (MSB) is a legal requirement for businesses that engage in certain financial activities such as money transfers, currency exchanging, and check cashing. This process ensures that the businesses comply with government regulations aimed at preventing money laundering and ensuring consumer protection.

Who is required to file Registration of Money Services Business?

Any business that provides money services, including but not limited to money transmission, currency dealing or exchange, or issuing or redeeming money orders, is required to file for Registration of Money Services Business. This includes individuals, partnerships, corporations, and other entities that operate in this space.

How to fill out Registration of Money Services Business?

To fill out the Registration of Money Services Business, you need to provide detailed information about your business entity, including its name, address, owners, and the types of services being offered. The registration form may vary by state or federal jurisdiction, so it is important to follow the specific instructions provided by the regulatory body relevant to your business operations.

What is the purpose of Registration of Money Services Business?

The purpose of Registration of Money Services Business is to regulate the financial activities of money services providers to prevent illegal activities such as money laundering, human trafficking, and fraud. It also helps protect consumers by ensuring that businesses adhere to financial regulations and maintain standards of service.

What information must be reported on Registration of Money Services Business?

The information that must be reported includes the business's legal name, operating address, contact information, the types of money services offered, ownership structure, and any prior criminal history or regulatory actions against the business or its owners. Additional state-specific information may also be required.