Regulatory Alerts2003-03-12
Added
Bank Secrecy Act Requirements - A Quick Reference Guide for MSBs
This guide outlines specific reporting and recordkeeping obligations for Money Services Businesses (MSBs) under 31 CFR Part 103. MSBs must file Suspicious Activity Reports for transactions of $2,000 or more, and Currency Transaction Reports for cash-in or cash-out transactions exceeding $10,000 conducted on the same business day. Additionally, MSBs are required to maintain records for money transfers of $3,000 or more, currency exchanges over $1,000, and cash purchases of money orders or traveler’s checks between $3,000 and $10,000. All covered records and reports must be retained for five years from the date of the transaction or filing.