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MSB Registration

Question: We have a depositor who sells traveler's checks for Travel X. Travel X is registered as a Money Service Business (MSB) and has identified our customer as one of its agents. Is our customer also required to register as a MSB?

Answer: No, your customer does not have to register as a MSB. Travel X is required to register and to supply FinCEN with a list of its agents. Your customer, as one of those reported by Travel X as an agent is not required to file or register.

Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 2, 4/05

First published on 04/01/2005

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