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Certain money services businesses (MSBs) have been required to register with FinCEN since 1999, when the MSB regulations first went into effect. An entity acting as an MSB that fails to register as required is subject to civil money penalties and possible criminal prosecution. The registration of the MSB serves as a first step in establishing the compliance framework for applicable FinCEN regulations designed to help mitigate the risks of criminal abuse of MSBs for money laundering and terrorist financing as the MSB seeks to provide financial services to customers for legitimate purposes.
The Bank Secrecy Act (BSA), enacted in 1970, authorizes the Secretary of the Treasury to issue regulations requiring that financial institutions keep records and file reports on certain financial transactions. The authority of the Secretary to administer Title II of the BSA (codified at 31 U.S.C. 5311-5330 with implementing regulations at 31 CFR Chapter X (formerly 31 CFR Part 103) has been delegated to the Director of the Financial Crimes Enforcement Network (FinCEN).
On March 1, 2011, FinCEN transferred its regulations from 31 CFR Part 103 to 31 CFR Chapter X as part of an ongoing effort to increase the efficiency and effectiveness of its regulatory oversight. 31 CFR Chapter X is organized by generally applicable regulations and by industry-specific regulations. There have been no substantive changes made to the underlying regulations as a result of this transfer and reorganization. Please note that documents published prior to March 1, 2011 will continue to contain citations to 31 CFR Part 103.
Public comments received electronically or through the US Postal Service sent in response to a "Notice and Request for Comment" will be made available for public review as soon as possible on www.regulations.gov. All comments received may be physically inspected in the FinCEN reading room located in Vienna, VA. Reading room appointments are available weekdays (excluding holidays) between 10 a.m. and 3p.m., by calling the Disclosure Officer at (703) 905-5034 (not a toll free call).
The Financial Crimes Enforcement Network (FinCEN) periodically initiates and develops reports and publications covering anti-money laundering issues. For more information on any of the publications listed to the left, please contact the Office of Public Affairs at (703) 905-3770.
The Financial Action Task Force (FATF), formed in 1989 by the G-7 Economic Summit, is dedicated to promoting the development of effective anti-money laundering and counter-terrorism finance laws and programs and enhancing cooperation among its membership and around the world. Below are publications issued by the FATF.
