In a letter to money services businesses (MSBs) dated April 27, 2011, the Financial Crimes Enforcement Network (FinCEN) requested that certain MSBs provide FinCEN with a list of their agents. The request applies to MSBs whose registration form identifies one or more agents authorized to conduct business on behalf of the MSB.
Under Bank Secrecy Act (BSA) rules, an MSB must prepare and maintain a list of its agents as of January 1 of each year and report the list to FinCEN upon request. An agent is a separate business entity from the principal that the principal authorizes, through a written agreement or otherwise, to sell its instruments or, in the case of funds transmission, to sell its send and receive transfer services.
Under its existing authority in 31 CFR 1022.380 (d), FinCEN sent the letter to MSBs, which serves as a request for the list. This is not a new requirement. On occasion, FinCEN has made similar requests but not, as in this case, to all registered MSBs which have indicated that they have agents.
All MSBs who receive the letter must respond to this request no later than June 20, 2011. This additional time has been provided to further enable entities to comply with the request. (FinCEN is providing additional time for all respondents due to the fact that the letters are dated April 27, 2011, but processing and verification delayed mailing.)
We encourage MSBs to respond to FinCEN with the requested information by e-mail at:firstname.lastname@example.org. Alternatively, we have provided a mailing address in the letter. Below, under the heading "Helpful Resources," MSBs will find links to other useful information, such as a template document for data entry, file specifications, and Frequently Asked Questions related to this request.
The information being requested will better inform FinCEN of the agent population and further mission needs.
If the MSB does not have agents you should file a corrected Registration of Money Services Business, FinCEN Form 107 (RMSB). FinCEN recently announced that MSBs can now file RMSBs electronically. Accordingly, as the response due date for this request has passed, MSBs are strongly encouraged to file their corrected RMSBs electronically. The electronic RMSB can be used to file not only initial registrations, but also renewals, re-registrations, and corrections.
To file a corrected RMSB, access the BSA E-Filing System's website a thttp://bsaefiling.fincen.treas.gov, complete the RMSB in its entirety, paying particular attention to Part I of the form, by checking box "c" and either a, b, or d, as appropriate. Complete Part IV item 29 by recording a zero in each box where you previously reported agents. E-Filers will receive electronic notification of the transmission and receipt of the submission. For assistance with E-Filing the RMSB, refer to the Q&A on E-Filing the RMSB.
- MSB Agent Request Initiative: An Insight into the MSB Agent Population (May 2012)
- MSB Agent Request Initiative: An Analysis of Related Calls to FinCEN's Regulatory Helpline (May 2012)
- Important Notice: FinCEN Reminds MSBs to Provide Their Lists of Agents(08/24/2011)
- MSB Agent List Data Entry Template
- File Specifications
- Frequently Asked Questions
- 31 CFR 1022.380
- Registration of Money Services Business Form (FinCEN 107)