FinCEN has issued a new notice warning financial institutions, including money services businesses (MSBs), to be vigilant about suspicious activity involving convertible virtual currency (CVC) kiosks. These kiosks, which function like ATMs for digital assets, are being increasingly exploited for scams and other illicit activities, putting operators and financial partners at risk. CVC Kiosk Concerns […]
The Final Rule Signals Bigger Changes Ahead On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule that formally integrates countering the financing of terrorism (CFT) into the required anti-money laundering (AML) programs for certain investment advisers. While money services businesses (MSBs) are not directly affected by this rule, the move […]
Obtaining a money transmitter license (MTL) in the United States is a multifaceted process that requires adherence to federal and state regulations. These licenses are essential for businesses that transfer funds or facilitate financial transactions on behalf of others, including electronic money transmission, currency exchange, and handling digital assets such as cryptocurrencies. The licensing process […]
UPDATE: As of September 10, 2025 FinCEN has updated this GTO guidance. Read the details here. The Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order (GTO) requiring money services businesses (MSBs) along the southwest border of the United States to file Currency Transaction Reports (CTRs) for cash transactions exceeding $200 but not […]
The Financial Crimes Network (FinCEN) requires Money Services Businesses (MSBs) to register through the Bank Secrecy Act (BSA) E-Filing System. The MSB Registration final rule, issued on May 21, 1997, mandates that an MSB must register with the Department of the Treasury and renew their registration every two years. If you have any issues registering […]
