Registration and De-registration of Money Services
March 1, 2006
The Financial Crimes Enforcement Network (FinCEN) has released the attached guidance clarifying the registration, renewal and de-registration requirements of money services businesses (MSBs).
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.