![]() MSBs must electronically file FinCEN Form 112, Currency Transaction Report, when they have a cash-in or cash-out currency transaction, or multiple transactions, totaling more than $10,000 during one business day for any one person, or on behalf of any one person. Provide for an independent review to monitor and maintain an adequate program.Provide education and training to appropriate personnel and.Incorporate policies, procedures and internal controls reasonably designed to assure compliance with the BSA.Designate a person to assure day-to-day compliance with the BSA.Each program must be written and take into account the inherent risks, as well as: The program should reasonably prevent individuals from using the MSB to facilitate money laundering or to finance terrorist activities. Developing an Effective AML ProgramĪll MSBs are required to develop and implement an anti-money laundering (AML) compliance program. They are also required to renew their MSB registration each two-calendar-year period following the initial registration by filing another Form 107. The MSB’s owner or controlling person must register by the end of a 180-day period, which begins the day after the date they established the MSB. Registering with the Federal GovernmentĮvery MSB must register with FinCEN by electronically filing FinCEN Form 107, Registration of Money Services Business, unless a person or business is only an MSB because they serve as an agent of another MSB. A person who engages as a business in the transfer of funds is an MSB as a money transmitter, regardless of the amount of money transmission activity. Money Services BusinessĪn 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. ![]() Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). ![]() The Bank Secrecy Act (BSA) requires many financial institutions, including money services businesses (MSB), to keep records and file reports on certain transactions to the U.S. ![]()
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