Money Service Businesses
A money services business (MSB), or money or value transfer service (MVTS) as defined by FATF,
transmits or converts currencies. Such businesses usually provide currency exchange, money transmission, check-cashing, and money order services
MSB laws vary by jurisdiction. For example, in the United States, FinCEN defines MSB to include any person doing business, whether or not on a regular basis or as an organized business concern, in one or more of the following capacities:
- Foreign Exchange Dealers
- Money Transmitters
- Postal Services
- Check Cashers
- Issuer of Money Orders
Thus, Money Service Business (Also Regulated by Central Bank) majorly requires the following solutions:
- Financial Crimes Screening
- PEP Identification and Screening
- Transaction Monitoring
- Suspicious Transaction Reporting
- Electronic-Know Your Customer