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CSBS Begins Accreditation of State Agencies for MSB Supervision

The Conference of State Bank Supervisors (CSBS), in partnership with the Money Transmitter Regulators Association (MRTA), will now offer accreditation of state regulatory agencies that supervise money services businesses (MSBs). 

CSBS President and CEO John Ryan: “As the primary supervisors of money services businesses, state regulators are charged with ensuring that licensed entities operate in a safe and sound manner and protecting consumers from bad actors and business practices. The new CSBS MSB Accreditation Program will signal to the public that their regulators meet the highest standards for MSB supervision.”

This initiative is part of the CSBS Vision 2020 goal to modernize nonbank licensing and supervision throughout the United States.

Key Points:

  • The new accreditation program sets benchmark standards for a modernized and coordinated system of supervising MSBs 
  • To achieve accreditation, a state must demonstrate it has:
    • The legal authority to supervise MSBs
    • The ability to participate in multistate supervision of MSBs
    • The authority to examine MSBs at an adequate frequency, or the ability to accept MSB examinations from other states to ensure frequent examination
    • Adequate qualified staff with the necessary expertise
    • Adequate funding to achieve all of the above
  • States that obtain MSB accreditation will be certified they have the resources and implemented processes necessary to ensure MSBs in their state operate safely and soundly, follow BSA/AML standards, and are abiding by state and federal consumer protection laws

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