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#1614921 - 10/12/11 07:19 PM MSB vs Check Casher
DGEND Offline
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DGEND
Joined: Apr 2007
Posts: 39
NY
Can anyone tell me if a business is registered with FinCen as an MSB do they also have to be licensed in their particular state as a check casher?

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#1615007 - 10/12/11 09:05 PM Re: MSB vs Check Casher DGEND
PeeWee Offline
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It's my understanding it's a matter of state law. You should be able to find the information on your state's Department of Banking or Department of Financial Services website.
Last edited by PeeWee; 10/12/11 09:06 PM.
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#1615009 - 10/12/11 09:07 PM Re: MSB vs Check Casher PeeWee
ACBbank Offline
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ACBbank
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Originally Posted By: PeeWee
It's my understanding it's a matter of state law. You should be able to find the information on your state's Department of Banking or Department of Financial Services website.


That's my understanding as well.
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#1615075 - 10/13/11 10:41 AM Re: MSB vs Check Casher DGEND
Elwood P. Dowd Offline
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No, not necessarily. I've yet to come across a state that uses FinCEN's definitions (particularly since they were just revised) and some do not even use the term "money service business." You look at the activity; e.g. check cashing, and then see if your state has any licensing requiremments. As noted, most states lodge the regulatory authority with their department of financial institutions. Some do not. I would encourage you to call them first, but all they may be able to tell you is that they do not handle it.
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#1615400 - 10/13/11 05:21 PM Re: MSB vs Check Casher Elwood P. Dowd
DGEND Offline
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DGEND
Joined: Apr 2007
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NY
Thanks everyone. I guess I'll have to make a phone call or maybe I'll spice things up and GOOGLE!!

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