Money services business
Topic: Finance
From HandWiki - Reading time: 1 min
A money services business (MSB) is a legal term used by financial regulators to describe businesses that transmit or convert money. The definition was created to encompass more than just banks which normally provide these services to include non-bank financial institutions. An MSB has specific meanings in different jurisdictions, but generally includes any business that transmits money or representatives of money, provides foreign currency exchange such as Bureaux de change, or cashes cheques or other money related instruments. It is often used in the context of Anti Money Laundering (AML) legislation and rules.[1][2][3]
See also
- Alternative financial services
- Hawala
- Suspicious activity report
References
- ↑ "Money Service Businesses and Money Laundering Regulations". HM Revenue and Customs. http://www.hmrc.gov.uk/mlr/getstarted/register/msb.htm#1. Retrieved 20 November 2011.
- ↑ "Money Services Business (MSB) Registration". Fincen. http://www.fincen.gov/financial_institutions/msb/msb.registration.html. Retrieved 20 November 2011.
- ↑ "What Is A Money Services Business? I ComplyAdvantage" (in en-US). ComplyAdvantage. https://complyadvantage.com/knowledgebase/anti-money-laundering/money-services-business/.
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