Money Services Businesses (MSBs) are non-bank financial institutions that transmit or convert money. Like banks, they are subject to regulatory review by the Internal Revenue Service (IRS) and must be registered with the Financial Crimes Enforcement Network (FinCEN). They must also comply with the Bank Secrecy Act along with other various state and federal laws and regulations.
What is Money Services Banking (MSB)?
Last month involved several industry updates and hot topics in the mortgage industry. We’ve rounded up some key updates and how they will affect you and your financial institution going forward into 2021.
Do you know how to position yourself and your financial services team for success by mastering your time and managing your mindset? You can only make the most of surging business activity for your financial institution if you set yourself and your sales team members up for success every single day.