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What is a NBFI? MSB?

Is a money service business a NBFI?

Yes. Nonbank financial institutions are all high risk in your BSA examination manual.
Common examples of NBFIs include, but are not limited to:
• Casinos and card clubs.
• Securities and commodities firms (e.g., brokers/dealers, investment advisers, mutual funds, hedge funds, or commodity traders).
• Money services businesses (e.g., certain check cashers; currency dealers or exchangers; issuers, sellers, or redeemers of traveler’s checks, money orders, or stored value cards; money transmitters).
• Other financial institutions (e.g., dealers in precious metals, stones, or jewels; pawnbrokers; loan or finance companies).
Learn more about Deborah Crawford’s webinar
Opening Accounts for Money Service Businesses - CIP and CDD

First published on 07/22/2018

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