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A business that meets the definition of an MSB must comply with both the general obligations that apply to all financial institutions and the specific obligations that apply to MSBs. MSBs must be registered by using FinCEN Form 107, Registration of Money Services Business.

The Introduction Provide a brief statement of the SAR's purpose. Generally describe the known or suspected violation. Identify the date of any SARs previously filed on the subject & the purpose of that SAR. Indicate any internal investigative numbers used by the filing institution to maintain records of the SAR.

These businesses are (1) currency dealers or exchangers, (2) check cashers, (3) issuers of traveler's checks or money orders, (4) sellers or redeemers of traveler's checks or money orders, and (5) money transmitters. MSBs must register with the Department of the Treasury and renew their registration every two years.

The form, Registration of Money Services Business, FinCEN Form 107, must be completed and signed by the owner or controlling person and filed within 180 days after the date on which the MSB is established. Registration must be renewed every two years.

Within approximately two weeks, your registration information will appear on FinCEN's MSB Registrant Search Web page.

File reports of cash transactions exceeding $10,000 (daily aggregate amount); and. Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion).

Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.

Go to http://bsaefiling.fincen.treas.gov to register if not already registered. Financial institutions that file reports individually will use FinCEN's discrete FinCEN Suspicious Activity Report (FinCEN SAR) to file their reports.