U.S. MSB Registration
Registering as a Money Services Business (MSB) in the U.S. is a straightforward process, and with our expert guidance, you can easily navigate the steps required. Whether you’re offering virtual currency services, money transfers, or payment processing, our team ensures a smooth and efficient MSB registration experience, minimizing any potential hurdles along the way.
- Your External Compliance Team: We manage your entire registration with FinCEN, ensuring compliance with the U.S. AML and KYC regulations while submitting a solid application on your behalf.
- Comprehensive Support: We provide a full-service solution for your MSB registration in the U.S., including legal consultation, document preparation, AML/KYC policy development, audit arrangements, and ongoing compliance support.
- Direct Expertise: We offer an efficient process that minimizes delays. If needed, we can assist in setting up a compliant U.S. bank account or explore acquiring a pre-existing MSB entity.
Ready to register your U.S. MSB? Let’s get started! Contact us today.
Money Services Businesses (MSBs) cover a variety of financial service functions, each defined and regulated to maintain compliance with the Bank Secrecy Act. Here are the primary activities permitted for MSBs:
- Currency Dealer or Exchanger: Facilitates the buying and selling of foreign and virtual currencies, providing exchange services for individuals or businesses.
- Check Casher: Offers cash conversion services for checks, allowing customers to access funds without requiring a bank account.
- Issuer of Traveler’s Checks, Money Orders, or Stored Value: Issues financial instruments such as traveler’s checks, money orders, and prepaid or stored value cards, providing secure, versatile payment options for personal and business use.
- Seller or Redeemer of Traveler’s Checks, Money Orders, or Stored Value: Sells or redeems traveler’s checks, money orders, or stored value cards, supporting flexible financial transactions for various purposes.
- Money Transmitter: Facilitates the electronic transfer of funds, including domestic and international money transfers for individuals and businesses.
The Financial Crimes Enforcement Network (FinCEN) oversees MSB registrations and ensures compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations.
- Cost-effective: MSB registration falls under the oversight of FinCEN, with low application fees and no requirements for security deposits or monthly maintenance fees.
- Shorter Application Timeline: The process is straightforward and can typically be completed within one month.
- Build Trust: With a strong legal and regulatory framework, registering as an MSB in the U.S. enhances the credibility of your platform and earns recognition from investors worldwide.
- Increase Market Visibility: MSB registration is a standard for digital currency exchanges. Major platforms like Coinbase, Bitfinex, Poloniex, and Huobi have all registered as MSBs to expand their operations.
- Business Entity: Establish a U.S. based company (LLC or corporation) or a foreign company to qualify for MSB registration.
- U.S. Office Address and Registered Agent: A U.S. office address and a local registered agent are required for registration if you set up a U.S. company. We can provide a registered office address and agent services, ensuring all official mail is forwarded to you via email or postal service.
- EIN (Employer Identification Number): You will need to submit an EIN application along with personal details of the directors and shareholders, basic company information, and the company’s Articles of Incorporation.
- U.S. Bank Account: A U.S. business bank account is necessary for MSB to operate in the United States. Our team can help you with opening a company account, making the process seamless.
- AML/KYC Compliance: Implement robust AML and KYC policies that meet U.S. federal requirements.
- Business Plan: Submit a business plan outlining your services and MSB activities in the U.S..
- Renewal: MSBs are required to renew their registration every two years after the initial registration to maintain compliance.
Step 1: Evaluation
Estimated 1 - 2 days
We'll assess your business plan, advise on structure, and outline requirements, costs, and timelines.
Step 2: Fit & Proper
Estimated 1 - 2 days
We ensure your team meets FinCEN’s compliance standards.
Step 3: Documentation
Approximately 1 week
We collect the required documents and draft your AML policies, ensuring they comply with U.S. regulations.
Step 4: Business Incorporation
Approximately 1 week
We help establish your U.S. entity and provide a registered office address.
Step 5: Submission & Approval
Around 2 weeks
We handle the submission process and communicate with FinCEN until approval.
- Costs: Expect costs related to company formation, AML/KYC solutions, and professional support. Contact us for a detailed breakdown.
- Timeline: The process can take around 4-6 weeks depending on the complexity of your operations and the speed of document submission. Our team will expedite the process to minimize delays.
1. Does my team need to be based in the U.S. to register as an MSB?
No, your team doesn’t need to be physically based in the U.S. You can register as an MSB either through your foreign entity or by setting up a U.S.-based company. However, we recommend establishing a U.S. company, as this is generally more favorable to regulators and can streamline your operations.
2. What types of activities are covered under MSB registration?
FinCEN MSB registration covers a wide range of financial services, including foreign exchange, international remittance, currency and cryptocurrency transactions, payment processing, issuance of traveler’s checks, money transfers, and prepaid access or stored value services.
3. How long does it take to register as an MSB in the U.S.?
The MSB registration process typically takes around 4 weeks, depending on the complexity of your business and the speed at which documents are submitted. We streamline the process to ensure the fastest possible turnaround.
4. Who regulates MSBs in the U.S.?
The Financial Crimes Enforcement Network (FinCEN) oversees MSB registrations and ensures compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations. MSBs are required to maintain compliance with these regulations to avoid penalties.
5. Are there any ongoing compliance requirements?
Yes, MSBs must maintain AML/KYC compliance, submit regular reports to FinCEN, and be prepared for audits. We provide ongoing support for all compliance obligations.
6. Do you assist with opening a U.S. bank account?
Yes, we provide assistance with opening a U.S. business bank account, which is necessary for MSB operations. We also guide you through finding crypto-friendly banks if needed.
7. How often must MSBs renew their registration?
MSBs are required to renew their registration with FinCEN every two years following their initial registration to ensure ongoing compliance.
8.When is MSB registration required?
MSBs are required to submit FinCEN Form 107 within 180 days of beginning operations. Our team ensures a seamless and timely submission process, keeping your compliance efforts on track from day one.
9. Can you handle the entire application process?
Absolutely! From company formation to submission and compliance, we manage the entire registration process for you.
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