Money Services Business (MSB)

A money services business (MSB) is a financial institution or company that provides financial services, such as currency exchange, money transfer, or payment processing. In the United States, MSBs are regulated by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

MSBs are required to register with FinCEN and follow certain rules and regulations, including reporting suspicious activity and maintaining records of their transactions. These requirements are designed to help prevent money laundering, terrorist financing, and other financial crimes.

MSBs include a wide range of businesses and organizations, including traditional money transmitters, such as Western Union and MoneyGram, as well as digital currency exchanges and other companies that provide financial services.

Overall, MSBs play a crucial role in the financial system and are subject to regulatory oversight to help prevent financial crimes and protect consumers.

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