MSBs are firms that specialize in wire transfers and check cashing transactions. In addition to current sanctioned and non-sanctioned party data from around the world, Prime now offers a database of all national MSBs. Using this information would enable financial institutions to identify MSBs that are customers or prospective customers. Once MSBs have been identified, a financial institution must assess and manage their level of risk and deal with such customers accordingly. With certain exceptions, MSBs are required to register with the U.S. Financial Crimes Enforcement Network (FinCEN) if they provide one or more of the following services: money orders, check cashing, travelers checks, currency dealing or exchange, and money transmission. Prime?s MSB List includes all money service businesses that have registered with FinCEN.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the Telecompaper website, they in no way represent the opinion of Telecompaper.