MSB Accreditation Why is MSB accreditation important? Accreditation benefits state regulatory agencies in many ways, but the primary reason it is important is strategic; to prove state agencies can operate within a system of networked supervision which will ultimately make the state system of financial regulation more effective and provide better consumer protection. Overview of the MSB Accreditation Program What
In February 2019, CSBS sought public input on issues related to state money transmission and payments regulation as regulators begin work on model legislation to introduce in all 50 states. The Request for Information (RFI) solicits comments about several areas of law and regulation, including money transmission activities and exemptions, personal vetting requirements for investors, state supervision, and coordination between
Statement from John Ryan, CSBS president and CEO, on Money Services Businesses Trade Associations Best Practices for AML/CFT Compliance Programs: “As banking regulators, CSBS’s members are committed to ensuring banks know and understand the MSBs with which they transact, including the supervisory structures designed to authorize and regulate the industry
Washington, D.C.—The Conference of State Bank Supervisors (CSBS) today released the Money Transmission Modernization Act for state adoption as part of states’ broader effort to modernize the state financial regulatory system. In addition to supervising 79% of U.S. banks, state financial agencies are the primary regulator of the nation’s nonbank