Money Services Businesses and Money Transmitter Businesses

Money Services Businesses (MSB) include money transmitters, check cashers, foreign exchange dealers, prepaid access sellers and providers, and issuers and redeemers of money orders and traveler’s checks. MSBs must be registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury and may have to be licensed in the states where they operate.

The attorneys at Scarinci Hollenbeck, LLC can help MSBs with the following matters:

  • Completing the necessary licensing applications
  • Consulting services regarding licensing laws
  • Federal and state enforcement actions and regulations
  • Office of Foreign Assets Control (OFAC) licensing issues
  • Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) compliance
  • Corporate transactions
  • Commercial litigation

MSB rules vary by state. Each state has a different set of rules and regulations for MSBs, some of which are tedious, inconsistent, and challenging to understand. However, failing to properly understand and follow MSB rules can have consequences. A failure to comply could result in the revocation of your business license, or worse – criminal charges.

The best way to avoid these negative consequences is to obtain the assistance of an experienced financial services attorney who can help you set up your MSB business for success.