IRS Team Provides Education on Bank Secrecy Act Requirements
The Small Business and Self-Employed Operating Division of the Internal Revenue Service has a team of Bank Secrecy Act (BSA) Specialists that provides education to money services businesses (MSBs) on the reporting and recordkeeping requirements of the BSA. The BSA requirements may apply to you, your members, or clients.
Definition of an MSB
MSBs include any person conducting business of more than $1,000 with the same person on the same day in any one of the following activities: currency dealing or exchange; check cashing; issuing, selling or redeeming traveler’s checks, money orders or stored value; or, provides money transfer services in any amount.
Registration Requirement
Each business that meets the definition of an MSB must register with the Department of the Treasury, except for the following:
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A business that is an MSB solely because it serves as an agent of another MSB;
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A business that is an MSB solely as an issuer, seller, or redeemer of stored value;
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The U.S. Postal Service and agencies of the U.S., or any State, or of any political subdivision of any State;
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A branch office of an MSB.
Other MSB Reporting Requirements
MSBs, except for check cashers and issuers, sellers, or redeemers of stored value, are required to file Suspicious Activity Reports. All MSBs are required to have anti-money laundering compliance programs and to file Currency Transaction Reports to report cash transactions of more than $10,000.
Sources for Additional Information
If you would like more information about the MSB reporting and recordkeeping requirements, please call the BSA specialist in your area (not toll-free). BSA specialists may provide seminars free of charge, if the requestor meets certain requirements.
Alex Basden: (212) 719-6764
ME, NH,VT, MA, CT, RI, NY, PA, NJ, DE, MD, Washington DC
VA, NC, SC, GA, FL, AL, MS, TN, AR, Puerto Rico
Theresa McGill: (630) 493-5190
WV, OH, KY, MI, IN, IL, MN, WI, IA, MO
Ulla Scott: (213) 833-1228
Los Angeles, S CA, UT, CO, AK, MT, WY
Terri Malone: (510) 637-2621
N CA, ID, WA, OR, HI, NM, AZ, NV
Cassandra Felton: (281) 721-7976
OK, LA, KS, NE, TX, ND, SD
You can find additional information about money laundering and the Bank Secrecy Act at FinCEN or MSB website.
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