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Money Service Business

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

Abstract

On July 21, 2011, FinCEN issued a final rule clarifying money service business (MSB) definitions. It said that a money services business is a financial institution. Most digital currency businesses are MSBs. Once an entity falls into the category of a financial institution, there are numerous requirements which must be met for that entity to legally operate in the United States. MSB digital currency businesses are subject to anti-money laundering rules under the Bank Secrecy Act. This new rule also required all foreign-located MSBs engaged in US business to follow BSA regulations.

Suggested Citation

  • P. Carl Mullan, 2014. "Money Service Business," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 8, pages 56-60, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_9
    DOI: 10.1057/9781137382559_9
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