Regulatory Alerts2012-02-15 | FinCEN Advisory – FIN-2012-A001Added
Foreign-Located Money Services Businesses (FinCEN Advisory – FIN-2012-A001)
A final rule effective September 19, 2011, amended 31 CFR 1010.100(ff) to classify persons located outside the United States as money services businesses (MSBs) if they conduct business within the United States. Foreign-located MSBs must comply with Bank Secrecy Act recordkeeping, reporting, and anti-money laundering program requirements and are subject to the same civil and criminal penalties as domestic MSBs. These entities are required to register with FinCEN and appoint a person residing in the United States as an agent for service of legal process, with registration and agent appointment obligations pending the release of a revised form in early March 2012. Financial institutions providing services to these entities must update their anti-money laundering programs and file suspicious activity reports if they suspect the MSBs are unregistered or unlicensed.