Bank Secrecy Act (BSA) Regulations - Registration Requirements

Gregory J. Cook, EA, CPA+ Accredited Tax Advisor Past President Alabama Society of Enrolled Agents Past President Alabama Association of Accountants

Registration Requirements

BSA regulations require certain MSBs to have registered with FinCEN by December 31, 2001. An MSB established after that date must register by the end of the 180-day period beginning on the day after the date it was established.

A branch or an agent of an MSB is not required to file its own registration form. The U.S. Postal Service and Federal or State government agencies are not required to register. Also, MSBs that provide only stored value services are not required to register at this time.

MSBs are required to renew their registration every two years by December 31 at the end of the two-calendar year period following their initial registration. In addition, MSBs that are required to register are also required to prepare and maintain a list of agents, if any, each January 1 for the preceding 12-month period.

Filing Instructions

MSBs must reister by filing Form TD F 90-22.55, Registration of Money Services Business, which is available at www.msb.gov of by calling the IRS Forms Distribution Center at 1-800-829-3676. Registration is the responsibility of the owner or controlling person of the MSB, who must sign and file the completed registration form.

Agent Lists

An MSB that is required to register and that has agents must prepare and maintain a list of those agents. This list must be updated by January 1 of each year. An MSB must make its list of agents available to FinCEN, as well as other appropriate law enforcement agencies, including the IRS, upon request. Generally, the agent list must include:

Name: The name of the agent, including any trade names or doing-business-as names.

Address: The address of the agent, including street address, city, state, and ZIP code.

Type of Services: The type of MSB services the agent provides on behalf of the MSB maintaining the list.

Gross Transaction Amount: A listing of the individual months in the 12 months preceding the date of the agent list in which the agent’s gross transaction amount, for financial products or services issued by the MSB maintaining the agent list, exceeded $100,000.

Depository Institution: Name and address of any depository institution at which the agent maintains a transaction account for any of the funds received in or for the MSB services the agent provides on behalf of the MSB maintaining the list.

Year Became Agent: The year in which the agent first became an agent of the MSB.

Branches: The number of branches and sub-agents the agent has, if any.

Supporting Documentation

Supporting documentation, including a copy of the filed registration form, an estimate of business volume, information regarding ownership or control, and the agent list must be retained by the MSB for a period of five years.