How long does it take to register as an MSB?

MSBs will be added to the Web site within approximately two weeks of electronically filing their Registration of Money Services Businesses (RMSB) (Form 107). In contrast, a paper version of the RMSB Form 107 will require approximately 60 days for processing and posting to the MSB Registration Web site.

Do I need to register as an MSB?

With few exceptions, each money services business (MSB) must register with the Department of the Treasury. A person that is an MSB solely because that person serves as an agent of another MSB is not required to register.

What are MSB requirements?

What are the MSB Registration Requirements?

  • Form. A copy of the filed registration form.
  • Estimate of Business Volume. Estimate of the business volume of the MSB for the coming year.
  • Ownership or Control. Information with regard to the ownership or control of the MSB.
  • Agent List.

How do I open an MSB account?

Standard Requirements to Open an MSB Account Are:

  1. Anti-Money Laundering (AML) Program.
  2. Risk Assessment.
  3. Business ownership documents.
  4. Federal and state licenses.
  5. Permits.
  6. Registrations.
  7. Agent verification letters.
  8. Proof of training.

Is an ATM business considered an MSB?

guidance addresses whether a non-bank owner-operator of an ATM that offers the limited range of services described below would be deemed a currency dealer or exchanger or a money transmitter, and therefore would be an MSB.

What makes a business an MSB?

An MSB is generally any person offering check cashing; foreign currency exchange services; or selling money orders, travelers’ checks or pre-paid access (formerly stored value) products; for an amount greater than $1,000 per person, per day, in one or more transactions.

What is a registered MSB?

Money services businesses (MSBs) must register with the Financial Crimes Enforcement Network at the United States Treasury Department. MSBs include businesses that cash checks, handle money orders, or conduct other currency exchange.