Money Transmitter – A “money transmitter” is a person or business entity that is engaged in the transfer of funds, or provides money transmission services or payment instruments.
The term “money transmission services” means the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.
A person who engages as a business in the transfer of funds is a money service business as a money transmitter, regardless of the amount of money transmission activity.
Money Services Business (MSB) – The term “money services business” includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
(1) Currency dealer or exchanger.
(2) Check casher.
(3) Issuer of traveler’s checks, money orders or stored value.
(4) Seller or redeemer of traveler’s checks, money orders or stored value.
(5) Money transmitter.
(6) U.S. Postal Service.
Each MSB is a financial institution. If your business is an MSB, the business must comply with the BSA requirements applicable to financial institutions as well as to each of the specific requirements applicable to MSBs.
U.S. Department of the Treasury definition of an MSB.
For the complete regulatory definition of an MSB, see 31 CFR 1010.100(ff).
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