Regulators

U.S. Financial Crimes Enforcement Network (FinCEN)

US FinCEN is a subordinate agency of the US Department of the Treasury. Its main tasks are 1. Collect, analyze and disseminate financial intelligence 2. Protect the fi...

Organization Profile

Institutional nature
US FinCEN is a subordinate agency of the US Treasury Department and is a government agency.
Institutional History
American FinCEN was established on April 25, 1990.
Regulatory functions
The main tasks of FinCEN are: to collect, analyze and disseminate financial intelligence; to protect the financial system against illegal activities; to combat money laundering.
FinCEN exercises regulatory functions under the Currency and Financial Transactions Reporting Act of 1970 (as amended by Title III of the USA Patriot Act of 2001) and other laws, a legislative framework commonly referred to as the Bank Secrecy Act (BSA) . The BSA is the first and most comprehensive federal Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) regulation in the United States.

MSB (Money Services Company) Registration

1. Which institutions must be registered as money service companies:
1. Foreign Exchange Agency: Exchange over $1,000 for any one client on any given day, with or without same-day delivery.
2. Check Cashing Agency: Accepts checks or other monetary instruments in amounts greater than $1,000 from any one customer on any given day, exchanged for currency, or a combination of currency and other monetary instruments.
3. Agency that issues or sells travelers checks or money orders: Issues or sells travelers checks or money orders over $1,000 for any one customer on any given day. The amount here is not the amount issued, but the amount sold, which includes the face value of the monetary instrument plus other fees.
4. Institutions that provide prepaid cards: institutions that provide prepaid card programs, or the main supervisory and control institutions for prepaid card programs. Such agencies should collect information on project participants. How to identify providers: organize the program; define the terms and conditions of the program to ensure that the terms are not violated; identify other companies involved in the program, such as card issuing banks, payment processors or distributors; control or direct the agency to activate, freeze or suspend prepaid cards; Oversee and control the prepaid card program.
5. Money transfer service providers.
6. United States Postal Service.
7. Seller of Prepaid Cards: Selling Prepaid Cards for Funds or Fund Value
(1) Selling prepaid cards that can be used without customer authentication;
(2) Selling prepaid cards in excess of $10,000 to anyone on any given day, including prepaid cards that allow purchases of goods and services only at specific merchants or locations (eg, retail chains, schools, subway stations, etc.), without implementing policies and procedures to suspend such transactions.
2. MSB registration process: https://www.fincen.gov/sites/default/files/shared/FinCENRMSB_ElectronicFilingInstructions.pdf
Step 1: Register with the BSA Electronic Filing System: https://bsaefiling.fincen.treas.gov/main.html;
Step 2: Log in to the BSA electronic filing system, click File FinCENRMSB (FinCEN RMSB file) on the home page, and "New Reports" will appear on the left. After filling in, click "Validate" to ensure that the information is complete, and then click " Sign with PIN" (sign with PIN), fill in the specified PIN, save a copy and submit;
Step 3: After submitting, it will jump to the Submission Confirmation page, and you can use the Tracking ID provided on the page to check the report status;
Step 4: Within approximately two business days, submitters will receive a confirmation email in the BSA Electronic Filing System “Secure Messaging Inbox” that the registration has been accepted and processed, which will contain the “BSA ID” ” (MSB registration number);
Step 5: After about two weeks, the registration information can be found on FinCEN's MSB registration search webpage using the "BSA ID" (MSB registration number).
3. MSB registration obligations
With few exceptions, MSB companies are required to register with FinCEN. MSB company agents do not need to be registered.
First registration: MSB companies need to submit registration materials within 180 days after establishment;
Renewal registration: biennially, by December 31.
4. List of agents
The agent list is not submitted with the registration form, but must remain in the location required by regulations. Upon request, MSB companies must provide their agent list to FinCEN and any other relevant law enforcement agencies (including, but not limited to, the Internal Revenue Service), and the agent list is to be updated on January 1 of each year.
For details, please visit: https://www.ecfr.gov/cgi-bin/text-idx?SID=953f3ccf3865375f43a83d8396b36a5c&mc=true&node=se31.3.1022_1380&rgn=div8
V. Reporting requirements
FinCEN mandates the electronic filing of certain reports, such as Currency Transaction Reports (CTR), Suspicious Activity Reports (SAR), Registration of Money Services Businesses (RMSB), and Designation of Exempt Persons (DOEP).

Registration query

Money Services Businesses
Go to the website: https://www.fincen.gov/msb-state-selector, enter the company name or license number to inquire, or download the company list.
Note: The information on the website is provided directly by the money service company, and has not been verified by FinCEN in the United States. If the information is incorrect or incomplete, the company should modify the information according to the process.

Example of punishment

On July 27, 2017, US FinCEN fined BTC-e $110,003,314 and Alexander Vinnik $12,000,000 for violating money services registration requirements and the Bank Secrecy Act (BSA).
On April 18, 2019, US FinCEN imposed a civil penalty on Eric Powers for violating the Bank Secrecy Act (BSA).
For details, please visit: https://www.fincen.gov/news-room/enforcement-actions

Related Links

National Futures Association (NFA): https://www.nfa.futures.org
U.S. Securities and Exchange Commission (SEC): http://www.sec.gov/edgar/searchedgar/companysearch.html
(You can find the information of all listed companies in the United States)
US Business Registration Data Center (manta): http://www.manta.com/mb
Commodity Futures Trading Commission (CFTC): http://www.cftc.gov
US Financial Industry Regulatory (FINRA): https://www.finra.org/
New York Stock Exchange (NYSE): http://www.nyse.com
Securities Investor Protection Corporation (SIPC): http:///www.sipc.org
Chicago Board of Trade (CBOT): http://www.cmegroup.com
Nasdaq: http://www.nasdaq.com

Contact information

Phone: 1-800-767-2825/703-905-3591
Email: [email protected]
Electronic Contact Form: www.fincen.gov/contact

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