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Agency Information Collection Activities; Proposed Renewal; Comment Request; Renewal Without Change of the Registration of Money Services Businesses Regulation and FinCEN Form 107
Plain English Summary
FinCEN is asking for feedback on its plan to continue the current rules for registering Money Services Businesses (MSBs) without any changes. MSBs must register using FinCEN Form 107 and renew their registration every two years. They also need to keep a list of their agents, if they have any. Insurance agents should be aware of these requirements and provide any comments they have on this renewal process.
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As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on a renewal, without change, to information collection requirements contained in Bank Secrecy Act (BSA) regulations and FinCEN Form 107--Registration of Money Services Business (RMSB). Under the regulations, money services businesses (MSBs) must register with FinCEN using FinCEN Form 107, renew their registration every two years, and maintain a list of their MSB agents, if applicable. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.