Tag: Banks Close MSB & Payday Loan Accounts


Banks Close MSB & Payday Loan Accounts


November 10, 2014 MEDIA CONTACT: Steve Hudak
703-905-3770 FinCEN Statement on Providing Banking Services to Money Services Businesses

The Financial Crimes Enforcement Network (“FinCEN”), as the agency primarily responsible for administering the Bank Secrecy Act, is issuing this Statement to reiterate expectations regarding banking institutions’ obligations under the Bank Secrecy Act for money services businesses.

Money services businesses (“MSBs”),1 including money transmitters important to the global flow of remittances, are losing access to banking services, which may in part be a result of concerns about regulatory scrutiny, the perceived risks presented by money services business accounts, and the costs and burdens associated with maintaining such accounts.

MSBs play an important role in a transparent financial system, particularly because they often provide financial services to people less likely Continue Reading..