Money Services Business Law and Legal Definition
Money Services Business or MSBs are businesses that offer services such as check cashing, money transfer, prepaid stored value cards, money orders, travelers checks, currency dealing or exchange, and pre-paid access (formerly stored value) products, and tax preparation to their clients. MSBs are subject to the Bank Secrecy Act. Accordingly, MSBs should:
a. Register with the federal government.
b. Report cash transactions of more than $10,000.
c. Report suspicious activity.
d. Have an anti-money laundering compliance program.
Money Services Businesses (MSBs) play an important role in providing financial services to the "unbanked" and "self-banked" in communities across the U.S.
The following is an example of a state statute (Florida) defining the term:
According to Fla. Stat. § 560.103, "Money services business" means any person located in or doing business in this state, from this state, or into this state from locations outside this state or country who acts as a payment instrument seller, foreign currency exchanger, check casher, or money transmitter.
Legal Definition list
Related Legal Terms
- Absent Uniformed Services Voter
- Acceptable Identification of Goods and Services Manual
- Action for Money had and Received
- Action for Money Lent
- Action for Money Paid
- Action for the Loss of Services
- Actuarial Services [Employee Retirement]
- Additional Health Services
- Adequate and Full Consideration in Money or Money’s Worth
- Administrative Support Services [Education]