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PrintExceptions - Certain MSBs are not required to register:
Solely an agent. - A person that is an MSB solely because that person serves as an agent of another MSB is not required to register. However, a person that is an MSB both because it engages in MSB activities on its own behalf and as an agent of another MSB, must register.
Stored value. - A person that is an MSB solely as an issuer, seller, or redeemer of stored value is not required to register. However, a person that is an MSB as an issuer, seller, or redeemer of stored value and engages in MSB activities (of a nature and value that cause the person to be an MSB on a basis other than stored value) must register.
U.S. Postal Service.
Government Agencies. Agencies of the United States, of any State, or of any political subdivision of any State.
Note: A person that is not an MSB is not required to register.
31 CFR 1022.380(a)(1) and (2) (formerly 31 CFR 103.41(a)(1) and (2))