- 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.
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
BSA Compliance Officer
Bank Secrecy Act
Registration and De-Registration of Money Services Businesses
and De-Registration of Money Services Businesses - PDF 27k
Senior Program Analyst Charles W. Collier at
SASFIL@FDIC.gov or (202) 898-3673
- PDF 70k (PDF Help)
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).