Services making a Business an MSB
Money Services Businesses (MSBs) are a type of financial institution under the law. They are subject to regulatory oversight by the Internal Revenue Service and various state banking departments. They must comply with the Bank Secrecy Act as well as various state laws and regulations.
Your business may be an MSB if…
The business offers one or more of the following services:
- money orders
- traveler’s checks
- check cashing
- currency dealing or exchange
- stored value
— AND —
- Conducts more than $1,000.00 in money services business activity with the same person (in one type of activity) on the same day
— OR —
- Provides money transfer services in any amount.
Helpful information about each of these services is provided via the links to the left!