Hello, my name is Josue Khan. I am a banking and payment consultant. I receive many phone calls throughout the day and get emails from people trying to understand how to navigate the complex landscape of U.S. money transmission laws and money services business licensing. One thing I see repeatedly is that people mistakenly believe that if they simply register with FinCEN, they will automatically be granted a license. However, FinCEN registration does not equate to a license. There is no federal money transmitter licensing authority that can grant you a license. FinCEN is a department under the Department of Treasury and is primarily meant for reporting purposes. If you plan to operate as a money services business at any point in time, then FinCEN registration is necessary. It is used for reporting, not as a grant of a license. I hope this clears up any confusion. If you have any questions or comments, please use the forum provided in the description below. Write to me, and I'll be happy to answer. Till next time.
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Fincen Registration Form: What You Should Know
Forms -- Money Services Businesses | Fin CEN.gov) In general, money services businesses are permitted to take deposits of cash or securities in amounts of less than 10,000, in the form of a traveler's check. If your business is interested in participating in the FSA Money Services E-Filing System, please Registration of Money Services Business FSS (MSB) FSS (See Step 3 of this process for MSB eligibility rules) Step 2. You need to review the rules for your business as outlined in Fin CEN.gov/FIN-2013-G001 (for MSB) Fin CEN.gov/FIN-2013-G002 (MSB) or Fin CEN.gov/FIN-2013-G003 (if your business is accepting deposits). For MSB, if you are accepting deposits in excess of those set in Fin CEN.gov/FIN-2013-G001(2) Fin CEN.gov/FIN-2013-G002(2) or Fin CEN.gov/FIN-2013-G003(2), you need to establish your MSB to the IRS. Before you go through the registration process, we are strongly recommended you review The Fin CEN Registration Program (MSB Program), Fin CEN.gov/FIN-2013-G004 (federal MSB registration), Fin CEN.gov/FIN-2013-G005 (state MSB registration). b. Once completed, your payment history can be view under the E-filing System or the Form I-9 for information on all payments received as an MSB. c. Before submitting the form, be sure to provide the following information: The name and address of the owner The business purpose for which the money services business is established. To learn more call us at. Date and type of MSB (month, day, and year). Payment of the money services business tax obligation. The payment of the tax liability. If an MSB is not paid before closing of the business, we must levy the amount of tax due. You will receive a notice if this occurs and may submit a request for a payment deferral.
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