Get the free Money services business registration fact sheet - fincen

MONEY SERVICES BUSINESS REGISTRATION FACT SHEET The Bank Secrecy Act (BSA)1 requires certain money services businesses (MSB's) to register with the Financial Crimes Enforcement Network (Fin CEN),

How to fill out money services business registration

How to Fill Out Money Services Business Registration:

1. Gather the necessary information: Before filling out the registration form, collect all the required information such as business name, owner's name, contact details, business address, and a description of the services provided.
2. Determine the appropriate registration agency: Identify the agency responsible for money services business registration in your jurisdiction. This could be a state regulatory agency or the Financial Crimes Enforcement Network (FinCEN) at the federal level.
3. Obtain the registration form: Visit the official website of the relevant registration agency or contact them directly to obtain the registration form. Often, these forms are available online for download.
4. Complete the basic business information: Begin filling out the form by providing your business name, owner's name, and contact details. Ensure accuracy and double-check for any spelling mistakes.
5. Provide business address and contact information: Include the physical address of your business, along with contact information such as phone number and email address. This information will be crucial for communication and compliance purposes.
6. Describe the services offered: Clearly describe the nature of your money services business and the range of services provided. This may include money transmission, check cashing, currency exchange, prepaid access, or other relevant financial activities.
7. Provide ownership and control information: Detail the ownership structure of the business, including names, addresses, and SSN or EIN of all owners or controlling individuals. If applicable, provide information about subsidiaries or parent companies.
8. Supply additional required documentation: Some registration processes may require additional supporting documents, such as financial statements, proof of compliance programs, anti-money laundering policies, or criminal background checks. Ensure you have all the necessary documents ready.
9. Pay the registration fee: Check the registration form for any applicable fees and ensure prompt payment according to the agency's instructions. Failure to pay fees may result in delays or rejection of your registration application.
10. Submit the completed registration form: Once you have filled out the form accurately and gathered all necessary supporting documents, submit the registration package to the designated agency. Follow their instructions regarding submission methods, such as online portals, mail, or in-person delivery.

Who needs money services business registration?

1. Individuals or entities involved in money services businesses such as money transmitters, check cashers, currency exchangers, prepaid access providers, or sellers of traveler's checks or money orders.
2. Businesses operating at the state or federal level within the United States, depending on the jurisdiction and regulatory requirements.
3. Any entity that engages in financial activities involving the transmission, conversion, or exchange of money, regardless of the scale of operations.

Remember to consult the specific regulations and requirements of your jurisdiction, as they may vary. It is important to comply with all applicable regulations and stay informed about any updates or changes in the registration process.

For pdfFiller’s FAQs

What is money services business registration?

Money services business registration is a process by which businesses that provide money transmission or currency exchange services are registered and monitored by regulatory authorities to ensure compliance with anti-money laundering laws.

Who is required to file money services business registration?

Any business that engages in money transmission or currency exchange activities is required to file money services business registration.

How to fill out money services business registration?

Money services business registration can typically be filled out online through the Financial Crimes Enforcement Network (FinCEN) website.

What is the purpose of money services business registration?

The purpose of money services business registration is to help prevent money laundering and terrorist financing by ensuring that businesses in the financial industry comply with regulations.

What information must be reported on money services business registration?

Information such as the business's name, address, owners, and details of its money transmission or currency exchange activities must be reported on money services business registration.

Where do I find money services business registration?

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