Bank Secrecy Act (BSA) Regulations - Registration
Requirements
Gregory J. Cook, EA, CPA
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. |
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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.
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