CSBS | MoneyServicesBusiness

Money Services Businesses (MSB)

What is an MSB?

A final rule issued in 1999 by the Secretary of the Treasury revised the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA) and grouped the definitions into a separate category of financial institution called "money services businesses" or "MSBs." A business that meets one or more of the definitions of a type of MSB is an MSB and must comply with BSA requirements applicable to it as an MSB, as a financial institution and as a specific type of MSB.

The capacities in which a business might be acting that could bring it within the definition of an MSB are:

Product or Service	Capacity (Type of MSB)
Money Orders	Issuer of money orders Seller of money orders Redeemer of money orders
Traveler's Checks	Issuer of traveler's checks Seller of traveler's checks Redeemer of traveler's checks
Money Transmission	Money transmitter
Check Cashing	Check casher
Currency Exchange	Currency exchanger
Currency Dealing	Currency dealer
Stored Value	Issuer of stored value Seller of stored value Redeemer of stored value