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Fincen 107 Form: What You Should Know

For the purposes of this rule: (1) “Exchanger” means any person who has in their business the act of buying, selling, transacting, exchanging or in any way disposing or re-paying money or currency, or who offers to do so, in consideration of a financial arrangement including a money transmitter license or other money transmitter license issued under a state of the United States law; (2) It does not exclude a person who only has an office or other place to do business solely for the purpose of engaging in such a transaction. Registration of Money Service Business Fin CEN Form 107, Registration of Money Services Business. The applicant must provide the following information: a. Name; b. Address; c. Telephone number; d. E-mail address and a designation for what form of electronic transmission to use to send the information; e. An identification of the money services business; f. Identification of the person or entity authorized by such owner or owner's authorized person to act on behalf of the applicant in the state and country of the applicant's actual residence in connection with any registration required by this part; g. The names, addresses, and telephone numbers of two persons responsible for the maintenance of an up-to-date registration list of money services business; h. A certification that the information provided is correct. e. A statement that the applicant is the owner or person who has the authority to act as owner for the business for which registration is sought, and that the applicant meets all the requirements required by this part. Form 107 is not a substitute for an actual registration by the state of the United States of the applicant's name, address, and date of birth; an actual registration should be filed. The application should be accompanied by a completed application and any additional information required in this Fin CEN document. For information on how the applicant may be found in Fin CEN's BSA E-Filing System, CLICK NOW ().  The Fin CEN Form requires that the applicant provide the following basic information: a. A complete and accurate name; b. Name on federal financial institution registration and report of foreign banking operations as required by 31 U.S.C. 5318(g)(6); c. Date of birth; d.

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Video instructions and help with filling out and completing Form Fincen 107

Instructions and Help about Form Fincen 107

Welcome to the quick help video on FinCEN's BSA efiling enrollment process BSA e-filing system is a platform to help discreetly efile thank Secrecy Act or BSA forms such as currency transaction report or CTR and suspicious activity report or SAR the BSA e-filing system is hosted on the secure Financial Crimes enforcement network FinCEN website to access the system first you need to enroll your business as a MoneyGram agent enrollment is mandatory for you to e-file any of the BSA forms there are severe civil and/or criminal penalties for non-compliance with currency transaction and suspicious activity reporting requirements for example if you fail to e-file an SAR or CTR on time or if you fail to praccurate and required information in these reports the fine is up to $500,000 and a jail term of up to 10 years need help in enrolling your business with the BSA efiling system on FinCEN here you go but first make sure you do not confuse the registering of money services businesses or MSBs with that of BSA e-filing because these are two different processes on the FinCEN website MoneyGram agents are required to enroll for BSA efiling to enroll open the BSA efiling website of FinCEN go to HTTP colon slash slash BSA e-filing dot FinCEN dot t reas gov slash main dot HTML ensure to make the BSA e-file site a favorite so you can easily get back to it to file s ARS and CTRs click become a BSA e filer and then click institution to enroll and submit forms as a business you can then see the four steps to enroll your business with the BSA key filing system click ID n by your organization's point of contact to read what is required of your organization's point of...