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.
A potentially suspicious or money laundering situation raises a Red Flag or warning signal.
The Red Flags Rules are part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. Under these Rules, financial institutions and creditors with covered accounts must have identity theft prevention programs in place...