Skip to content
GeoDataVision
Thread Options
#250153 - 09/29/04 02:03 AM MSB's
Anonymous
Unregistered

We are trying to determine if the coin stores who sell collectable currency/coins as well as the buying of gold and silver are considered to be a MSB? Additionally, what about a convenience store who directly does not cash checks, but has a kiosk in the store that does?

Return to Top
BSA/AML/CIP/OFAC Forum
#250154 - 01/26/05 04:37 PM Re: MSB's
Deena Offline
Power Poster
Deena
Joined: Nov 2000
Posts: 2,701
PA
BUMP - Does anyone know if a coin dealer would be considered an MSB?
_________________________
Opinions expressed are mine and not necessarily those of my employer.

Return to Top
#250155 - 01/26/05 04:41 PM Re: MSB's
deppfan Offline
Power Poster
Joined: Dec 2000
Posts: 5,184
All over the map.
Currency dealers are considered MSB's, so I would say yes.

MSB.gov
Last edited by elena; 01/26/05 04:42 PM.
_________________________
On the road again.....I just can't wait to get on the road again.

Return to Top
#250156 - 01/26/05 05:14 PM Re: MSB's
Deena Offline
Power Poster
Deena
Joined: Nov 2000
Posts: 2,701
PA
Thanks, Elena. I would tend to think so. too, but I wasn't sure if I was missing something.
_________________________
Opinions expressed are mine and not necessarily those of my employer.

Return to Top
#250157 - 01/26/05 05:24 PM Re: MSB's
Anonymous
Unregistered

I have a question.
If you discover an existing customer or are approached by a new customer that qualifies as a MSB, and they have not registered yet, how long do you give them to do so before you close the accout. If potential customer, do you go ahead and open the acct and get registration copy later?????
This makes me sick...!

Return to Top
#250158 - 01/26/05 10:30 PM Re: MSB's
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
For existing customers I would conduct a due diligence review and establish a reasonable follow up time to receive the IRS acknowledgement letter (don't try to call IRS, they won't tell you anything).

For a new account customer, I would require the registration before establishing the account except for a very few exceptions (such as a known customer opening a new business and he can provide me a copy of the application). This would be rare and well documented.
_________________________
Life without Jesus is like an unsharpened pencil - it has no point.

Return to Top
#250159 - 02/01/05 04:34 PM Re: MSB's
BeachGirl Offline
100 Club
Joined: Sep 2001
Posts: 206
Myrtle Beach, SC
Brenda, would you please describe your due diligence review of existing customers to determine if they are an MSB. Are you sending corresondence to business owners to ascertain this information? Thanks!
_________________________
Thanks for all of your help!

Return to Top

Moderator:  Andy_Z