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Registering MSBs

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Question: 
Are MSBs required to register with FinCEN for accepting utility payments and making payday loans?
Answer: 

In order to properly answer the question, we would need additional information about the transactions. Accepting Utility payments and making payday loans on the surface do not meet the criteria to register as an MSB. Please provide additional information about the payments and the loans (e.g. are they done in cash, does the company tranfer funds for the customer, etc) so we can understand the details surrounding the activity.

First published on BankersOnline.com 3/7/05

First published on 03/07/2005

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