Regulatory Alerts2005-04-26
Added
Guidance to Money Services Businesses on Obtaining and Maintaining Banking Services
The document outlines the information and documentation money services businesses must provide to banking organizations to open or maintain account relationships. It requires businesses to supply basic identifying information, confirm FinCEN registration and state licensing status, and explain operational risks, including products offered, locations served, and anticipated account activity. Banking organizations are instructed to apply Bank Secrecy Act requirements on a risk-assessed basis, potentially requesting additional details such as anti-money laundering programs or agent lists for higher-risk entities. The guidance also notes that Section 314(b) of the USA PATRIOT Act allows for voluntary information sharing between banks and money services businesses to identify money laundering or terrorist financing.