Money Services Businesses

“Money Services Business” (MSB) is an umbrella term covering a wide variety of businesses, including money transmitters, check cashers, dealers in foreign exchange (formerly known as currency exchangers and currency dealers), sellers and providers of prepaid access, and issuers, sellers and redeemers of money orders and travelers checks. MSBs are typically required to register with FinCEN and become licensed in the individual states, depending upon the nature of the MSB’s business and the state or states in which it operates, services customers, or has bank accounts. The MSB lawyers at Fuerst Ittleman David & Joseph, PL are knowledgeable of these requirements and can provide critical assistance on a wide array of legal and regulatory matters, including:

  • State licensing issues, including license applications and legal opinions regarding state licensing laws;
  • State and federal compliance audits, including IRS/BSA examinations;
  • State and federal enforcement actions, including those seeking to impose fines and revoke licenses;
  • OFAC licensing issues;
  • Anti-money laundering and Bank Secrecy Act compliance;
  • Law enforcement and Grand Jury subpoenas and investigations;
  • White collar criminal defense;
  • Corporate transactions;
  • Commercial litigation

 

Depending upon the nature of the MSB’s business and the state or states in which it operates, services customers, or has bank accounts, MSBs may have burdensome state law requirements which are sometimes vague and inconsistent, but are not to be overlooked as failure to comply with them can lead to devastating consequences. Not only can MSBs be barred from operating in states where they operate, but as an example, money transmitters (and their individual operators) can be criminally prosecuted for operating in a state without a license, regardless of their innocent intent.

Fuerst Ittleman David & Joseph, PL’s Money Services Business practice is captained by Andrew S. Ittleman, Esq., who is a certified Anti-Money Laundering Specialist and frequently lectures on a wide variety of issues facing the MSB industry to domestic and international trade groups.

If you have any questions related to your money services business, please contact Andrew S. Ittleman, Esq. at aittleman@fuerstlaw.com or 305-350-5690.