FinCEN MSB clarification

Posted By: crc

FinCEN MSB clarification - 09/01/11 01:58 PM

Below is from the Fed Register 7/21/11

(ii) Facts and circumstances; Limitations.
Whether a person is a check casher as described in this section is a matter of facts and circumstances. The term ‘‘check casher’’ shall not include:
...
(B) A person that solely accepts monetary instruments as payment for goods or services other than check cashing services;
(C) A person that engages in check cashing for the verified maker of the check who is a customer otherwise buying goods and services;

We have video lottery 'casino' business customers that we consider to be MSB because they cash checks over the threshold for customers to play the machines. Does the definition above mean they are no longer MSBs?
Posted By: crc

Re: FinCEN MSB clarification - 09/02/11 01:29 PM

Anyone?
Posted By: NotDoneYet

Re: FinCEN MSB clarification - 09/02/11 01:45 PM

I don't see it that way, but I'm going to attend FinCEN's webinar for further clarification.
Posted By: Doug Hendrickson

Re: FinCEN MSB clarification - 09/02/11 02:07 PM

I take it that it does mean they are no longer MSBs, in that they are not cashing third-party checks for people, but rathter checks made out to them so that players can use their services. If they're cashing 3rd-party checks for a customer, then they're an MSB.
Posted By: Sing A Little

Re: FinCEN MSB clarification - 09/02/11 02:37 PM

I'm also going to attend FinCEN's webinar for clarification
Posted By: crc

Re: FinCEN MSB clarification - 09/02/11 03:38 PM

I had hoped to attend that webinar, but will be at another off-site seminar. I'll try to have a co-worker attend.
Posted By: crc

Re: FinCEN MSB clarification - 09/17/11 01:47 PM

We were unable to connect to the MSB webinar. Was there any clear direction provided? Thanks.
Posted By: ACBbank

Re: FinCEN MSB clarification - 09/19/11 03:02 PM

I would call the FinCEN help line and ask.
Posted By: crc

Re: FinCEN MSB clarification - 09/21/11 10:17 PM

The FinCEN help line rep told me that they've fielded this question several times, but the answer is yet to be determined.

One option is to submit a written Request for Administrative Ruling following the format in 31 CFR 1010.711

Apparently FinCEN will repost the webinar material...date TBD.
Posted By: ACBbank

Re: FinCEN MSB clarification - 09/22/11 01:23 PM

Typical. I find it ironic that the much awaited MSB guidance still has holes...

Is your customer making any attempt to verify the maker of the checks being cashed?
Posted By: NotDoneYet

Re: FinCEN MSB clarification - 09/22/11 01:34 PM

Has anyone been able to find out if Western Union is going to be responsible for AML policy and procedures for their agents?
I tried to contact them, but the menu didn't take me to a person. I thought it may be easier to ask Western Union than to start contacting each agent.