The Financial Crimes Enforcement Network (``FinCEN''), a
bureau of the Department of the Treasury (``Treasury''), is revising
the regulations implementing the Bank Secrecy Act (``BSA'') regarding
money services businesses (``MSBs'') to clarify which entities are
covered by the definitions.
The changes more clearly delineate the scope of entities regulated
as MSBs, so that determining which entities are obligated to comply is
more straightforward and predictable. This rulemaking amends the
current MSB regulations by: ensuring that certain foreign-located
persons engaging in MSB activities within the United States are subject
to the BSA rules; updating the MSB definitions to reflect past guidance
and rulings, current business operations, evolving technologies, and
merging lines of business; and separating the provisions dealing with
stored value from those dealing with issuers, sellers, and redeemers of
traveler's checks and money orders.
Bank Secrecy Act Regulations: Definitions and Other Regulations Relating to Money Services Businesses
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