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What if our MSB won’t renew registration?

Our customer refuses to renew his MSB registration, what should we do?

Each MSB must renew its registration every two years, on or before December 31. See 31 CFR 1022.380(b)(2). For example, if an MSB registered on October 15, 2017, it must file a renewal by December 31, 2018, and then every 24 months thereafter (on or before December 31, 2020, then December 31, 2022, etc.).
If your customer fails to renew his or her MSB registration. You will have to consider filing a SAR and perhaps closing the account.
Learn more about Deborah Crawford’s webinar
Opening Accounts for Money Service Businesses - CIP and CDD

First published on 08/12/2018

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