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Industry Letter

Industry Letter  Money service businesses requirements - Update

Date: 03/21/2003
Organization: Division of Banks
Referenced Sources: IRS News Release

To the Chief Executive or Operating Officer of the Licensed Check Casher, Check Seller, or Foreign Transmittal Agency Addressed:

As part of the Division of Banks' ("Division") effort to regulate businesses that fall under the definition of Money Service Businesses ("MSBs") which include check cashers, check sellers, and foreign transmittal agencies, the Division wishes to inform you of additional requirements for MSBs to comply with the Bank Secrecy Act ("BSA").

In addition to the required registration with the Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN"), all MSBs are required to report suspicious activity to FinCEN. A new form has replaced the interim Bank Suspicious Report. Beginning on March 1, 2003, MSBs are required to use the new form, TD F 90-22.56 when reporting suspicious activity. The new form may be downloaded at the Financial Crimes Enforcement Network. Enclosed is a News Release from the Internal Revenue Service addressing this issue.

All licensed check cashers, check sellers, and foreign transmittal agencies must understand and comply with the requirements under the BSA and the USA Patriot Act. The Division will be monitoring Licensees' programs to ensure compliance with all applicable state and federal laws. Any Licensee that fails to comply with all provisions will face license revocation.

It is important that Licensees remain current on all new requirements of MSBs for BSA issues. Below is a list of web sites where new material regarding MSB compliance may be accessed:

If you or your company have any questions regarding the Division's enforcement of BSA requirements, you should contact Kevin F. McNamara, Supervisor of Loan Agencies, at (617) 956-1500, extension 1551.

Very truly yours,

Thomas J. Curry
Commissioner of Banks

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