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A money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just banks which normally provide these services to include non-bank financial institutions .
Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.
Supreme Court allows small business registration rule to take effect, aimed at money laundering Updated January 23, 2025 at 4:23 PM FILE - The Supreme Court at sunset in Washington, Feb. 13, 2016.
In September 2012, FinCEN's information technology called FinCEN Portal and Query System, migrated with 11 years of data into FinCEN Query, a search engine similar to Google. It is a "one stop shop" [ sic ] accessible via the FinCEN Portal allowing broad searches across more fields than before and returning more results.
An anti-money laundering law called the Corporate Transparency Act, or CTA, is now back in action after a Dec. 23 court ruling that will require millions of small business owners to register with ...
In 2013, the Financial Crimes Enforcement Network (FinCEN) released a paper stating exchanges and administrators of VC are subject to the Bank Secrecy Act (BSA) and must register as a Money Services Business (MSB). [29]
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