Fincen definition Form 2011-2023

Fincen definition Form: What You Should Know

United States, in which  money, assets, funds, or securities are maintained or received, for deposit with or on behalf of the United States or  other government or quasi-government agency.  Financial institution—(1) All firms, partnerships, insurance companies, investment firms, commercial  associations, governmental entities, and persons holding account or receiving deposit, or in any capacity  regarding depositors, in any domestic financial institution, whether a national banking association, that has an open  accounts with such a national bank; or any other firm, partnership, insurance company, investment firm, commercial association, governmental entity, or person (other than a banking organization or bank) regarding accounts in such an institution. (2) An agent, agency, branch or office within the United States of any person doing business in one or more of the states of Michigan, Indiana, Minnesota or Wisconsin that has a correspondent account or service with such an agent or agency, agency, branch or office, in one or more of the states of Michigan, Indiana, Minnesota or Wisconsin.  (3) The term “financial institution” includes, but is not limited to, brokers, dealers, money services businesses, mutual or investment banks, money transmitters, commercial or investment banks, lending banks, savings and loan associations, credit unions, and trust companies; and other financial institutions having the  same legal existence but not being licensed by the U.S. Department of the Treasury as a bank.  FINANCIAL INSTITUTION AGENCY—Any entity or organization licensed under part 200 of the United States Financial Regulations; any entity or organization whose license or operations is  permitted as a banking institution under part 200 of the United States Financial Regulations, or which is exempt from such part.  MATERIALS: One or more records. PROCEDURE: See section 3(b) of the BSA E-Filing Instructions for Form 8531 (Reg. S-CFR), and  any instructions from a BSA office providing specific instructions (and corresponding information) related to filing  a Financial Institution SAR. Routine Operations. Such activities as processing payment or settlement through the institution's systems, if such transactions are made only during a regular business day.  SAR Processing Services.

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Hello my name is Faizal Khan I am a banking in a payment themselves a question I get is you know that I've been to the FinCEN website and it says if you do less than $1,000 per day per person you are not in MSP is that correct well I'm not a lawyer for first of all I am NOT a lawyer so this is just my personal opinion you can go ask a certified lawyer for their opinion and they will be happy to give you one providing you pay up for them my opinion is that you know this is a very vague statement it's something that the United States government has put out as a number $1,000 per day per person you know I don't know how many people would want see the need to send more than a thousand dollar sister let's say if I have to send $10,000 I could do five hundred dollars a day for twenty days and you know I achieved that goal but you are still doing money transmission I think we have to look at it in the greater context of what the Bank Secrecy Act says we have to look at it in a greater context of what money laundering acts might say or the Patriot Act may say or the individual laws of each state for money transmission may say and those are deliberately made very vague so that if the government would like to penalize you or go after you because you went strictly against this definition they would find a clause by which they can say you know you are wrong you needed a money transmitter license and he say but but but you know the thousand I said no you didn't read this clause...