Money Laundering, Terrorism and Financial Institutions - USA Patriot Act Monitor

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1/11/2005 USA PATRIOT Act Monitor News Release: FinCEN revises MSB Registration Form

FinCEN Form 107, Registration of Money Services Business, has been revised effective January 2005 and is available for immediate use. Previous versions will not be accepted after June 2005. The Form can be downloaded from the FinCEN website at http://www.fincen.gov/reg_bsaforms.html. The new form, as was the former Treasury Form, TD F 90-22.55, is filed with the IRS Computing Center in Detroit. Registrants must describe the types of money services business activities they conduct (issuing, selling or redeeming traveler's checks or money orders, currency dealing or exchanging, check cashing, and/or money transmitting), the number of branches and the agents authorized to conduct each MSB activity, the states in which the registrant, its agents, or branches are located, and the primary transaction account for the registrant's MSB activities. The form comes with three pages of instructions. The editors of the Monitor are preparing an MSB compliance checklist for operators of money services businesses.

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