Money Services Business (MSB)
Money Services Business is a legal term defined by federal law and regulation. Part of a 1999 ruling revising the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA). This include non-bank financial institutions, currency dealers, exchange companies and travelers check issuers.
Requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
Politically Exposed Persons: Individuals, or their relatives, who are prominent public functionaries.