Money Service Businesses have to bank somewhere. If that somewhere is your bank, you should be aware of the MSB requirements for registering with FinCEN. While the registration and other forms of compliance, such as reporting, is the primary responsibility of the MSB, the existence of an MSB as a deposit customer of a bank brings a high level of risk to the bank. Thus, regulatory agencies expect banks to recognize and manage this risk. OCC's AL 2004-7 outlines steps banks should take to manage the risk associated with MSBs as deposit customers.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
