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Video instructions and help with filling out and completing Fincen registration

Instructions and Help about Fincen registration

Hello my name is josue Khan I am a banking in a payment consultant I received many phone calls over the day I get emails etc on people trying to understand how to maneuver this complex landscape known as you know the u.s. money transmission laws and money services business licensing etc etc one thing I see again and again is people think that if they just go to FinCEN and register over there the FinCEN registration is granting them a license no Vincent registration is a not a license there is no federal money transmitter licensing authority to grant you a license FinCEN is a department under the Department of Treasury it is meant for reporting purposes if you are going to be someone at some point in time is going to be a money services business then FinCEN registration I see the word you use the word registration is then necessary it is used for reporting it is not a grant of a license I hope I was able to clear that if you have any questions or comments there is a forum in the description below write to me I'll be happy to answer till next time you.

FAQ

Who has to register with FinCEN?
These businesses are (1) currency dealers or exchangers, (2) check cashers, (3) issuers of traveler's checks or money orders, (4) sellers or redeemers of traveler's checks or money orders, and (5) money transmitters. MSBs must register with the Department of the Treasury and renew their registration every two years.
What is a money services business FinCEN?
The term "money services business" includes any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities. (1) Currency dealer or exchanger. (2) Check casher. (3) Issuer of traveler's checks, money orders or stored value.
What is FinCEN registration?
The form, Registration of Money Services Business, FinCEN Form 107, must be completed and signed by the owner or controlling person and filed within 180 days after the date on which the MSB is established. Registration must be renewed every two years. Re-registration is required in limited circumstances.
What qualifies as a money service business?
An MSB is generally any person offering check cashing; foreign currency exchange services; or selling money orders, travelers' checks or pre-paid access (formerly stored value) products; for an amount greater than $1,000 per person, per day, in one or more transactions.
How long does it take to register with FinCEN?
Within approximately two weeks, your registration information will appear on FinCEN's MSB Registrant Search Web page.
How do I register with FinCEN?
The form, Registration of Money Services Business, FinCEN Form 107, must be completed and signed by the owner or controlling person and filed within 180 days after the date on which the MSB is established. Registration must be renewed every two years. Re-registration is required in limited circumstances.
How do I renew my FinCEN registration?
After an MSB completes its initial registration, the form to renew its registration must be filed by December 31 of the second calendar year preceding the 24-month renewal period and is accomplished by filing the Registration of Money Services Business Form, FinCEN Form 107.
Do all MSBs have to register with FinCEN?
Every MSB must register with FinCEN by electronically filing FinCEN Form 107, Registration of Money Services Business, unless a person or business is only an MSB because they serve as an agent of another MSB.
Who is regulated by FinCEN?
FinCEN has the challenging but important task of writing and coordinating the enforcement of anti-money laundering rules for more than 100,000 banks, credit unions, money services businesses (MSBs), insurance companies, securities brokers, casinos, mutual funds, precious metal dealers, and other financial institutions ...
Why is FinCEN required?
FinCEN's mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
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