VIENNA, Va. - The Financial Crimes Enforcement Network (FinCEN) today announced that Money Services Businesses are now able to register with FinCEN using the Bank Secrecy Act (BSA) E-Filing System.
BSA E-Filing is a free, web-based electronic filing system that allows MSBs to submit their Registration of Money Services Business form (RMSB or FinCEN Form 107) and other BSA reports through a secure network. Compared with the traditional paper filing process, MSBs will find BSA E-Filing a faster and more convenient, secure, and cost-effective method of submitting their registrations as well as for receiving confirmation of their registration's acceptance. The greater use of the BSA E-Filing system also assists FinCEN in providing important information relating to money laundering and terrorist financing to law enforcement in the quickest manner possible.
Whether you are registering your MSB for the first time with FinCEN, completing your biannual renewal or a re-registration, or correcting a previous registration, you will be able to use BSA E-Filing. FinCEN has developed a series of Questions & Answers that are designed to assist MSBs in electronically filing their RMSB form.
FinCEN plans to host a free Webinar on BSA E-Filing later this summer. A separate notice for registering will be posted on www.fincen.gov. During the Webinar, a FinCEN representative will discuss the following topics:
- Overview of the BSA E-Filing System;
- BSA reports available for E-Filing;
- Feedback reports available to E-Filers;
- How to enroll in BSA E-Filing;
- Single report or discrete filing with special emphasis on filing the RMSB; and,
- Multiple report or batch filing.
In addition, FinCEN today released a final rule, Definitions and Other Regulations Relating to Money Services Businesses , that more clearly defines which businesses qualify as MSBs. The RMSB form is being updated to reflect changes made necessary by this final rule.