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)?
Regulatory Compliance Updates
This article highlights key regulatory and compliance updates for banks and credit unions that occurred in November 2023.