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)?
It goes without saying that financial literacy and education are vital components to what we do as financial institutions. But do we truly understand why?
Not only did March bring the first day of spring, but it also brought several regulatory and compliance updates for banks and credit unions. This article highlights three “must-know” updates you and your institution should be aware of.
Transition from one administration to another always brings about change. How exactly will the transition to the new administration be?