Glossary

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.

Related Terms

  • Anti Money Laundering (AML)

    The Patriot Act, which amends the Bank Secrecy Act (BSA), was adopted in response to the September 11, 2001 terrorist attacks. The Patriot Act is intended to strengthen U.S. measures to prevent, detect, and prosecute...

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  • Electronic Funds Transfer (EFT)

    Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same...

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