Each depositor insured to at least $250,000 per insured bank



Home > News & Events > Financial Institution Letters




Financial Institution Letters

Bank Secrecy Act
Registration and De-registration of Money Services Businesses

FIL-20-2006
March 1, 2006


Summary: The Financial Crimes Enforcement Network (FinCEN) has released the attached guidance clarifying the registration, renewal and de-registration requirements of money services businesses (MSBs).

Highlights:
  • On February 3, 2006, FinCEN issued guidance clarifying the registration, renewal and de-registration requirements for MSBs.
  • Persons/entities defined as MSBs are generally required to register with FinCEN. Registration is required within 180 days after the day that the person/entity is established as an MSB.
  • Thereafter, the MSB must renew its registration every two years by December 31st for as long as the MSB continues to meet the MSB definition.
  • There is currently no provision or procedure to allow an MSB to de-register. The only option for a business that has ceased to operate as an MSB, or that has registered incorrectly, is to refrain from renewing its registration.
  • Examples of various renewal dates are provided in the guidance.
  • The complete document can be found at the following FinCEN website: http://www.fincen.gov/msbregistration_de_registration.html.
  • Please distribute this information to the appropriate personnel in your institution.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Bank Secrecy Act

Attachment:
Registration and De-Registration of Money Services Businesses

Registration and De-Registration of Money Services Businesses - PDF 27k (PDF Help)

Contact:
Senior Program Analyst Charles W. Collier at
SASFIL@FDIC.gov or (202) 898-3673

Printable Format:
FIL-20-2006 - PDF 70k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center (1-877-275-3342 703-562-2200).





Last Updated 03/01/2006 communications@fdic.gov