Does Oklahoma have a state requirement for registration of MSBs?

As always, thanks for your feedback.

Not at this time. There is a registration requirement for deferred deposit lenders, but not MSBs.

Thanks for your help Anon

I was told that Oklahoma requires certain MSB activities (not check cashing) to be licensed. Does anyone know where I can find this information?

Have you checked FinCENs website to see whether or not they have filed appropriately with them? I skipped the Oklahoma regisistration and went straight to the federal law requirements for BSA purposes.

At a seminar I attended it was put to us by the joint regulatory agencies that true MSBs should know by now that they are required to register and that at this point "ignorance is not an excuse".

A consultant recently told us that we must also ensure they are properly licensed in accordance with State law. In Oklahoma, she said a business must be licensed to sell money orders or transmit money, but not to cash checks.

Wouldn't your consultant have that information then? I would ask her/him to supply you with the information. Then you can share it with us!

He was going off the top of his head, so rather than request he research it (at $500 hr), I thought I would try myself!