Regulatory Alerts2005-07-01
Added
FinCEN Ruling 2005-4 – Definition of Money Services Business
FinCEN concludes that a business investing only personal savings and loans in foreign currency exchange is not a money services business under 31 CFR Part 103. The ruling determines that because the entity does not accept funds from customers or third parties, it does not meet the regulatory definitions of a currency dealer or money transmitter. Consequently, the business is not subject to Bank Secrecy Act requirements or the implementing regulations found at 31 CFR Part 103.
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