With few exceptions, each money services business (MSB) must register with the Department of the Treasury. A person that is an MSB solely because that person serves as an agent of another MSB is not required to register.

Registration of an MSB is the responsibility of the owner or controlling person of the MSB. The form, Registration of Money Services Business, FinCEN Form 107, must be completed and signed by the owner or controlling person and filed by the registration deadline: December 31, 2001.

Registration must be renewed every two years. Re-registration is required in limited circumstances.

A copy of the filed registration form and other supporting documentation must be retained at a location in the United States for a period of five years.

Penalties. Civil and criminal penalties may be imposed for willful violation of the registration requirement.

This guidance is intended to clarify general issues arising under 31 CFR Part 103. The guidance does not replace or supersede the regulations.

[close window]