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FinCEN issues final rules relating to money services business (MSB) definitions

Betty Santangelo (Partner with Schulte Roth & Zabel LLP, New York, New York, USA)
Donald J. Mosher (Partner with Schulte Roth & Zabel LLP, New York, New York, USA)
William I. Friedman (Special Counsel with Schulte Roth & Zabel LLP, New York, New York, USA)
Matthew P. Truax (Associate with Schulte Roth & Zabel LLP, New York, New York, USA)

Journal of Investment Compliance

ISSN: 1528-5812

Article publication date: 6 April 2012

147

Abstract

Purpose

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The purpose of the paper is to explain FinCEN's money services business rule (MSB Rule) revising the regulations that apply to MSBs.

Design/methodology/approach

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The paper details the principal revisions in the new MSB Rule, including an amended definition of an MSB, an activity threshold, and applicability of the rule to foreign‐located MSBs, money transmitters, dealers in foreign exchange, check cashiers, and issuers of travelers' checks as defined in the rule.

Findings

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The final rule clarifies which activities subject a person to the Bank Secrecy Act's rules pertaining to MSBs and subjects certain foreign‐located MSBs with a US presence to US rules.

Originality/value

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The paper provides practical guidance from experienced financial services lawyers.

Keywords

Citation

Santangelo, B., Mosher, D.J., Friedman, W.I. and Truax, M.P. (2012), "FinCEN issues final rules relating to money services business (MSB) definitions", Journal of Investment Compliance, Vol. 13 No. 1, pp. 17-22. https://doi.org/10.1108/15285811211216655

Publisher

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Emerald Group Publishing Limited

Copyright © 2012, Emerald Group Publishing Limited

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