Regulatory Alerts2007-06-25 | PDF OnlyAdded
An MSB Guide
The document defines Money Services Businesses (MSBs) as entities offering services like money orders, check cashing, or currency exchange that conduct more than $1,000 in activity with the same person on the same day or provide money transfer services in any amount. It outlines Bank Secrecy Act requirements, including mandatory registration with FinCEN, the maintenance of agent lists, and the implementation of Anti-Money Laundering compliance programs. MSBs are required to file Suspicious Activity Reports for transactions of $2,000 or more, Currency Transaction Reports for transactions exceeding $10,000, and maintain logs for monetary instruments between $3,000 and $10,000. The guide specifies civil penalties up to $500 for negligent violations and criminal penalties up to $500,000 or 10 years imprisonment for willful violations.