Money Services Business
MSB
A FinCEN registration category covering money transmitters, currency dealers, and certain crypto businesses.
A Money Services Business (MSB) is a category defined in FinCEN’s regulations that includes money transmitters, dealers in foreign exchange, check cashers, and issuers/sellers of money orders or prepaid access. Many crypto exchanges and administrators qualify as money transmitters and therefore as MSBs.
MSBs must register with FinCEN (renewing every two years), maintain a written AML program, file Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), and comply with the Travel Rule. Federal MSB status is separate from — and additional to — state money transmitter licensing.
This glossary entry is educational and does not constitute legal advice. Always consult qualified legal counsel for jurisdiction-specific guidance.