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The Internal Revenue Service has been delegated authority to examine certain financial institutions, including money services businesses, to determine compliance with requirements of the Bank Secrecy Act.
31 CFR 103.56(b)(8)
Each Agent - A registering Money Services Business (MSB) must include each agent that the MSB has authorized to sell or distribute its MSB services. The term "MSB services" refers to the following financial products and services: money orders, travelers' checks, money transmission, check cashing, currency exchange and currency dealing.
Disclosure Prohibited - MSBs (including any director, officer, or employee of MSBs) are prohibited from disclosing to a person involved in the transaction that a suspicious activity report (SAR) has been filed. The disclosure prohibition includes providing any information that would disclose that a SAR has been filed.
Agent List Deadline - January 1, 2002 - The initial deadline for preparation of the agent list is January 1, 2002. The January 1, 2002 deadline applies to each person that is an MSB on or before December 31, 2001, and is required to file a registration form by December 31, 2001.
For any person that becomes an MSB after December 31, 2001, the deadline for preparation of the initial agent list is the due date of the initial registration form.
31 CFR 103.41(b)(3) and (d)(1)
$2,000 or more - Thresholds - There are two different dollar thresholds depending on the type of MSB and the stage and type of transaction involved:
Bank Secrecy Act (BSA) Assistance
For BSA regulatory questions and interpretations of BSA regulations, please contact FinCEN’s Regulatory Support Section at www.fincen.gov/contact
State Regulators
Website Links
MSB Registration Calculator No Longer Available
The MSB Registration calculator is no longer available. MSBs with questions regarding their renewal deadline should contact the FinCEN Resource Center at FRC@fincen.gov or 1-800-767-2825, select option 3
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.
As part of the registration rule, each money services business (MSB) that is required to register must prepare and maintain a list of its agents. The agent list is not filed with the registration form but must be maintained at a location in the United States reported on the form.
REMINDER: As of April 1, 2013, financial institutions must use the new FinCEN reports, which are available only electronically through the BSA E-Filing System. FinCEN is no longer accepting legacy reports. For more information, click here.
